23 Jun '16, 8am

Brexit may prompt MAS easing as Singapore dollar near top of policy band

SINGAPORE (June 23): The strong Singapore dollar may test the upper limit of the central bank's policy band in the event Britons vote to leave the European Union, prompting speculation among analysts of policy easing by the Monetary Authority of Singapore. The Singapore dollar's nominal effective exchange rate (NEER) is close to the top of the band already, and the central bank could intervene to keep the currency within its limits if the vote triggers safe-haven flows into Singapore. The MAS manages monetary policy by letting the Singapore dollar rise or fall against the currencies of its main trading partners within an undisclosed trading band based on its NEER. If the Brexit shock is powerful enough, the MAS may even consider re-centering the currency band lower, some analysts say. This would be a one-off weakening of the currency. "In case of an exit, we're... likely t...

Full article: http://www.theedgemarkets.com/my/article/brexit-may-promp...

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