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Measures to Help Businesses Given Economic Slowdown - Rationale for Singapore's strong Sing-dollar policy

Hansard, Monday, 15 October 2012

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Mr Speaker, Sir, the strengthening of the Singapore dollar is a key macro-economic policy tool to keep inflation in check over the medium term. The Monetary Authority of Singapore (MAS) recognises the need to strike the right balance between ensuring exporters are not unduly hurt by a stronger currency in the short-term, and capping underlying price and cost pressures in the economy. However, the exchange rate cannot be used as a tool to manage Singapore's export competitiveness. Over the longer term, competitiveness can only be achieved through higher productivity and innovation, such as creating new products that the market demands. The trend appreciation of the Singapore dollar exchange rate is in line with our economic fundamentals. It keeps inflation low and stable, which helps to preserve the purchasing power of Singaporeans' income and savings. It also provides a stable and conducive environment for businesses to undertake long-term investments, thus enhancing competitiveness and providing the basis for sustained economic growth.

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