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Singapore economy continues strong performance: central bank (2)
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17:54, July 25, 2007

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The MAS estimated that for the year as a whole, headline CPI inflation is expected to come at the upper half of the target range of between 0.5 and 1.5 percent, compared with last year''s 1. 0 percent rate.

The monetary policy stance of a modest and gradual appreciation of the Singapore Dollar Nominal Effective Exchange Rate policy band, announced in April, remains in place.

The MAS recorded a net profit of 3.85 billion Singapore dollars (about 2.55 billion U.S. dollars) for the financial year ending March 31, compared with 1.217 billion (about 806 million U.S. dollars) in the previous year.

The increase comprised mainly interest income and gains from asset markets, partially offset by the foreign exchange impact from the strengthening of the Singapore dollar.

Though the central bank said that 2007 should continue to be a good year for the Singapore economy and for the financial sector, it would still remain vigilant in the face of a number of risks in the global economic and financial environment. These include upside surprises to inflation from higher commodity prices, weaker- than-expected growth in the United States.

Source: Xinhua
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