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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 Photos
SINGAPORE — Singapore’s economic system grew 6.5% within the third quarter of 2021 in comparison with a yr in the past, official advance estimates confirmed on Thursday.
Analysts polled by Reuters had anticipated the Singapore economic system to develop 6.6% year-on-year within the third quarter.
On a quarter-on-quarter seasonally adjusted foundation, the economic system expanded by 0.8%, Singapore’s Ministry for Commerce and Trade stated in a press release.
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 change charge 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 way of setting the change charge, moderately 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 way of three levers: the slope, the mid-point and the width.
That is breaking information. Please examine again for updates.
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