No currency alone ‘unduly affects’ Singdollar’s stability: Alvin Tan
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Minister of State for Trade and Industry Alvin Tan stated in Parliament that no single currency significantly impacts the stability of the Singapore dollar. He addressed concerns regarding the US dollar's changing role and its influence on the Singapore dollar nominal effective exchange rate (S$NEER). Tan emphasized that the S$NEER basket is periodically updated to reflect trade patterns, noting the US dollar's dominance in global trade. The Singapore dollar has appreciated by 12% since monetary policy tightening in October 2021, which has mitigated imported inflation effects on the economy.
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