The Singapore dollar hit a record high against the greenback on Wednesday after inflation in the city-state rose and amid fears of a US recession. The Singapore unit hit a peak of 1.3463 to one US dollar before falling back to 1.3480 in afternoon trade. The euro breached 1.60 US dollars for the first time Tuesday on renewed jitters about the US economy, but eased back in Asian trade on Wednesday, dealers...
Inflation
Singapore's annual inflation was 6.7 percent last month, the highest in 26 years, the Department of Statistics said on Wednesday. It said the consumer price index was boosted by higher costs of food, transport, communications and housing. The March consumer price index figure was down 0.1 percent from February's figure, the department added. On a seasonally adjusted basis, the index was 0.3 percent...
In light of the ongoing sub-prime mortgage crisis in the United States, major global agencies have relooked their forecasts for this year. According to the latest World Economic Report, the International Monetary Fund (IMF) is predicting a 3.7 percent growth in the global economy this year - down from a 4.9 percent expansion in 2007. The IMF has also downgraded its growth projections for Singapore by...
Consumer prices may rise more than 6.5 per cent in the first half of the year. But, according to Trade and Industry Minister Lim Hng Kiang, the inflation rate is expected to go down in the second half of 2008. Singapore's inflation rate has been hovering at its highest level in 26 years. This has been fuelled by a rise in prices of food and raw materials. Last week, the Monetary Authority of Singapore...
Finance Minister Tharman Shanmugaratnam on Sunday said Singapore has to be on its guard against inflation, or the country's growth could be undermined. Responding to questions about the recent monetary adjustments made by Singapore's central bank, Mr Tharman said the adjustments were not made in response to short-term inflationary pressures. "If you don't continuously focus on the mid-term, we'll also...
Monetary authority acts to curb inflation The Singapore dollar climbed to a record high yesterday after a surprise tightening in monetary policy aimed at combating inflation. The currency jumped 1.7 per cent in Asian trade to touch a high of $1.3567 in afternoon trade - its largest single-day gain since October 1998. While a rising Singapore dollar can provide consumers some respite from spiralling...
Inflation may not yet have peaked, warns Finance Minister Singapore’s inflation rate, already at a 26-year high, may not have peaked and policy-makers must be ready to respond to unexpected economic developments, Finance Minister Tharman Shanmugaratnam said on Friday “It’s too early to say that inflation has peaked,” Mr Shanmugaratnam told reporters at a meeting of finance ministers from the...
Developing economies in East Asia, including Indonesia, Malaysia and Thailand, will grow at their slowest pace in six years in 2008, according to the latest forecast from the World Bank. It said growth is being dragged down by the US sub-prime mortgage crisis and a drop in exports to the US. The World Bank also warned that governments in the region need to be watchful over rising inflation. Trade with the...
Singapore's annual inflation rate hit a 25-year high of 6.6 percent in January, according to Department of Statistics (DOS) data released on Monday. The inflation rate, as indicated by the consumer price index (CPI), was the highest since the 7.5 percent hit in March 1982. From a month earlier, consumer prices in January rose 1.5 percent on a seasonally adjusted basis, the DOS said. The Ministry of...
Small and medium enterprises (SMEs) remain positive about Singapore's economic outlook this year. But sentiment has turned somewhat cautious, according to the latest survey by banking giant HSBC on Small Business Confidence in Asia Pacific. Compared to 2007, SMEs will be taking on a more conservative approach this year as the economy is expected to moderate amid a likely slowdown in the US. HSBC is...