Singapore's central bank aggressively eased its monetary policy on Monday, as widely expected, with the city-state's bellwether economy bracing for a deep recession due to the coronavirus pandemic.
SINGAPORE - Singapore’s central bank aggressively eased its monetary policy on Monday, as widely expected, with the city-state’s bellwether economy bracing for a deep recession due to the coronavirus pandemic.
Economists said the changes are the most aggressive easing since the 2009 financial crisis and also come as the central bank forecast deflation and a sharp economic contraction in 2020. All nine economists in a Reuters survey this month expected the central bank to ease as policymakers worldwide step up efforts to limit the economic damage from the fast spreading virus.
The central bank on Monday lowered its outlook for headline and core inflation to -1% to zero percent for 2020. But other economists said the central bank had left itself room for more easing if required. It is next scheduled to meet in October.
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