The Monetary Authority of Singapore (MAS) stands ready to curb excessive volatility in the trade-weighted Singapore dollar if needed.
The authority said it continued to closely monitor developments in the external environment and their impact on financial markets and the domestic economy.
MAS said the Singapore dollar nominal effective exchange rate (S$NEER) remained well within its policy band, notwithstanding increased volatility in international foreign exchange markets over the last few days.
"Domestic money markets continue to function normally and there is ample liquidity in the system," it said in response to media queries following currency market volatility after Republican's Donald Trump Republican's Donald Trump clinched victory over Democrat's Hillary Clinton to become the 45th US president.
MAS said Singapore's exchange rate centred monetary policy framework provided sufficient flexibility to accommodate fluctuations in bilateral exchange rates of the Singapore dollar against other currencies.
"MAS does not target any bilateral exchange rate. The monetary policy stance remains as announced in October 2016," it said.
In October, MAS said it would maintain the rate of appreciation of S$NEER policy band at zero per cent.
Investopedia, on its website, described NEER or the nominal effective exchange rate as an unadjusted weighted average rate at which one country's currency exchanges for a basket of multiple foreign currencies.
In economics, the NEER is an indicator of a country's international competitiveness in terms of the foreign exchange market.
Forex traders sometimes refer to the NEER as the trade-weighted currency index. -- BERNAMA
Bernama
Fri Nov 11 2016
MAS said S$NEER remained well within its policy band, notwithstanding increased volatility in international foreign exchange markets over the last few days. - Filepic
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