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Singapore releases Q3 GDP advance estimates, MAS financial coverage – NewsEverything Enterprise

A bicycle owner rides on Esplanade bridge as buildings stand within the Central Enterprise District in Singapore on Monday, July 6, 2020.

Wei Leng Tay | Bloomberg | Getty Photographs

SINGAPORE — Singapore’s financial system grew 6.5% within the third quarter of 2021 in comparison with a 12 months in the past, official advance estimates confirmed on Thursday.

Analysts polled by Reuters had anticipated the Singapore financial system to develop 6.6% year-on-year within the third quarter.

On a quarter-on-quarter seasonally adjusted foundation, the financial system expanded by 0.8%, Singapore’s Ministry for Commerce and Trade stated in an announcement.

In a separate launch, the Financial Authority of Singapore — the nation’s central financial institution — stated it raised barely the slope of its foreign money band, the Singapore greenback nominal efficient trade fee band.

The width of the coverage band and the extent at which it’s centered is unchanged, the central financial institution stated.

The MAS manages financial coverage by setting the trade fee, somewhat than rates of interest, by permitting the Singapore greenback to rise or fall inside an undisclosed band towards a basket of currencies. It adjusts the band by three levers: the slope, the mid-point and the width.

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