In response to media queries, the Monetary Authority of Singapore (MAS) said today that it is closely monitoring developments arising from the ongoing situation in the Middle East, and is assessing the impact on the domestic economy and financial system.

MAS confirmed that Singapore’s Forex and money markets continue to function normally. The Singapore dollar nominal effective exchange rate (S$NEER) remains within its appreciating policy band, which will continue to dampen imported inflationary pressures.

As noted in the January Monetary Policy Statement, MAS is in an appropriate position to respond, if necessary, to risks to medium-term price stability.