Latest news with #MonetaryAuthorityOfSingapore
South China Morning Post
04-07-2025
- Business
- South China Morning Post
Singapore further tightens rules to tackle property price surge
Singapore introduced fresh measures to tame housing prices, raising the stamp duty for those who sell their private homes within four years. The changes take effect for all private residential properties bought from Friday, according to a joint statement from the Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore late on Thursday. The holding period for homes which will incur a seller's stamp duty will be extended to four years from three. The rates payable will rise to 16 per cent from 12 per cent within the first year. 'In recent years, the number of private residential property transactions with short holding periods has increased sharply,' the agencies said in the statement. 'In particular, there has been a significant increase in the sub-sale of units that have not been completed.' Private home prices in the city state climbed 0.5 per cent in the second quarter from the previous three months, rising for a third straight period. The preliminary figures released earlier this week suggest Singapore's property market remains resilient even after sales of new homes slowed in recent months. Singapore has sought to tackle the property price surge in recent years, prompting authorities to implement cooling measures. This included higher levies on foreign purchases in 2023 and adding curbs on public housing last year.
Bloomberg
03-07-2025
- Business
- Bloomberg
Singapore Tightens Property Measures to Cool Housing Market
Singapore introduced fresh measures to tame housing prices, raising the stamp duty for those who sell their homes within four years. The changes take effect for all private residential properties purchased from Friday, according to a joint statement from the Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore late Thursday.
Yahoo
25-05-2025
- Business
- Yahoo
Asia must not succumb to tariff retaliation, Singapore cbank official says
SINGAPORE (Reuters) -Asian economies must remain agile and not succumb to tit-for-tat tariff retaliation, a deputy managing director of the Monetary Authority of Singapore said on Friday. Retaliatory tariffs would lead to negative supply shifts that would worsen the growth-inflation trade-off and complicate monetary policy, Edward Robinson, who is also the MAS's chief economist, told a monetary policy conference."They should continue to keep the old advice to avoid throwing rocks into their own harvest and intensify regional trade integration initiatives, including in digital and services trade, and investment," Robinson said. Protectionism and import taxes disrupt resource allocation and lower the consumer surplus as domestic households face higher prices and fewer choices, he said. "Both the targeted and the tariff-imposing economies suffer." Despite having a free-trade agreement and running a trade deficit with the United States, Singapore has been slapped with a 10% baseline tariff rate by Washington. Other Southeast Asian countries have been threatened with much higher tariffs, although they have been delayed until July and an interim 10% tariff is in place for now. Singapore on Thursday reported a 0.6% contraction in the first quarter, even before U.S. tariffs were announced, putting the economy at risk of a technical recession. The MAS eased policy at reviews in January and April this year. Speaking on Thursday after the GDP data, Robinson said the current monetary policy stance remained appropriate.
Reuters
23-05-2025
- Business
- Reuters
Singapore's core inflation edges up in April; price risks seen tilted to downside
SINGAPORE, May 23 (Reuters) - Singapore's key consumer price gauge came in above expectations in April, data showed on Friday, but it remained at a low level and authorities said the risks to inflation were tilted to the downside given the uncertain global economic environment. The annual core inflation rate, which excludes private road transport and accommodation costs, was 0.7% in April, above the median forecast of 0.5% in a Reuters poll of economists and also the March reading of 0.5%. Headline inflation was 0.9% in annual terms in April, steady with March's reading and a notch higher than economists' forecast of a 0.8% rate. The rise in the annual core inflation rate was the first since September last year, when it had ticked up to 2.8%. The Monetary Authority of Singapore loosened monetary policy for the second time this year at a review in April, reflecting concerns about its growth outlook amid economic uncertainty from U.S. tariffs. It also reduced its forecasts for both core and headline inflation to 0.5% to 1.5%. "The risks to inflation are tilted towards the downside given heightened uncertainties in the external environment," the MAS and Trade Ministry said in a statement on the data. Singapore last month also downgraded its GDP forecast for 2025 to 0% to 2% from the previous 1% to 3%, citing the direct and indirect impacts of the U.S. tariffs, and officials have said there is a risk of recession in the city-state.
South China Morning Post
21-05-2025
- Business
- South China Morning Post
Singapore's central bank chief sees ‘no alternative' to US dollar assets despite downgrade
US dollar-based assets have 'enduring advantages' and remain virtually irreplaceable in the global financial system despite the United States losing its top triple-A credit rating, according to Singapore 's central bank chief. 'They are the dominant, safe assets for use in the financial system, deeply embedded,' Monetary Authority of Singapore Managing Director Chia Der Jiun said at the Qatar Economic Forum on Tuesday. 'The US$28-trillion Treasury market is fundamental and systemic to the global financial system and there is no alternative for this point.' Moody's Ratings last week stripped the US of its top credit rating , a landmark move that casts doubt on the nation's status as the world's highest-quality sovereign borrower. The headquarters of the Monetary Authority of Singapore, the city state's central bank. Photo: Reuters In lowering the US by one notch below the highest investment-grade position, the credit rater joins Fitch Ratings and S&P Global Ratings in downgrading the world's biggest economy. US long-dated debt initially sold off in response to the Moody's downgrade.
