Singapore tightens policy for second straight time as oil prices rise

According to CNBC, Singapore tightened monetary policy for a second consecutive meeting on Monday, with the Monetary Authority of Singapore saying it will raise the rate of appreciation of the Singapore dollar’s nominal effective exchange rate policy band very slightly. The central bank left the band’s width and center unchanged as it moved preemptively against a renewed oil price surge, even though inflation at home remains subdued. Singapore’s core inflation, which excludes accommodation and transportation costs, rose to 1.6% in June from 1.4% in May, near the lower end of the MAS’s 1.5% to 2.5% forecast range for this year. Headline inflation was 1.9%.