Reuters was first to report on Tuesday that Singapore’s central bank would tighten its monetary policy in its first out-of-cycle move in seven years in response to inflation risks. The Monetary Authority of Singapore, which holds its scheduled policy reviews only twice a year, surprised markets with the move. The news strengthened the Singapore dollar, one of the world’s most-traded currencies, to its highest level in three months. The city-state’s trade-dependent economy is highly susceptible to swings in global inflation and the central bank’s sudden move comes as price pressures ring alarm bells for policymakers elsewhere in Asia.
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