The Monetary Authority of Singapore (MAS) left monetary policy unchanged on Wednesday, pausing after two tightenings earlier this year. The central bank maintained the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) band, along with its width and midpoint. MAS expects firm near-term growth before moderating as the AI cycle cools and global financial conditions tighten. Meanwhile, core inflation is projected to ease from mid-2027 as imported cost pressures fade and domestic inflation stays subdued. The board narrowed its 2026 core inflation forecast to 1.5–2.0% and sees headline inflation around 2.0%; for 2027, both measures are expected to average 1.5–2.5%. The authority raised the policy band’s slope in April, its first tightening since 2022, as Middle East conflict-driven energy costs lifted imports, and tightened again in July by a smaller margin.