Singapore Policy interest rate
Singapore Policy interest rate: no single figure applies. The reason is set out below, cited to the governing instrument. Last checked against the official source on 9 Sep 2026.
Central bank policy interest rate. Singapore: structural null — MAS conducts monetary policy via the S$NEER exchange-rate band, not an interest rate.
Compare policy interest rate across all 28 Asian countries →
| Current value | no single figure |
|---|---|
| In force from | 2026-07-27 |
| Official source | MAS Monetary Policy Statement - July 2026, 27 July 2026. MAS conducts monetary policy through the Singapore dollar nominal effective exchange rate (S$NEER) policy band, not through an interest rate, so there is no policy rate to serve; the July statement is a decision on the slope, width and centre of that band. |
| Last verified | 2026-09-09 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
STRUCTURAL NULL: Singapore has no policy interest rate. MAS conducts monetary policy via the trade-weighted Singapore dollar nominal effective exchange rate (S$NEER), managed within an undisclosed policy band whose slope (rate of appreciation), width and centre are the policy levers, set at quarterly reviews (statements released Jan/Apr/Jul/Oct). Current stance per the MPS of 14 Apr 2026 (loaded): the rate of appreciation of the band was 'increased slightly', width and centre unchanged — a tightening response to the Strait-of-Hormuz energy-supply shock, with MAS raising both its 2026 core and headline inflation forecast ranges to 1.5-2.5% (from 1.0-2.0%). The Jan 2026 review had kept all band parameters unchanged. Domestic interest rates such as SORA (the MAS-administered volume-weighted overnight unsecured interbank rate) are market outcomes of exchange-rate policy plus global rates, NOT policy instruments — never serve SORA (or SGS/MAS-bill yields) as a policy rate. The July 2026 review took place on 27 July 2026: MAS increased the rate of appreciation of the S$NEER policy band 'very slightly' (a smaller increase than April's), with the band's width and centre unchanged. Next quarterly review ~mid-October 2026 (historically the 13th-14th). Access quirk: mas.gov.sg returns 'Sorry, this service is currently unavailable' to non-browser HTTP fetchers; loads normally in a real browser. Monetary Policy Statements listing: https://www.mas.gov.sg/news?content_type=Monetary%20Policy%20Statements.
Get it programmatically
curl https://asiaref.dev/v1/sg/policy-rate
# $0.005 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://asiaref.dev/v1/sg/policy-rate/history?from=2020-01-01
# Provenance: curl https://asiaref.dev/provenance/sg/policy-rateOther Singapore series: Statutory late-payment interest · GST standard rate · VAT registration threshold · Statutory minimum wage · Public holidays · Consumer price inflation (CPI, year-on-year) · Corporate income tax rate · Withholding tax rates · Personal income tax (resident rates) · Statutory social-insurance contributions
The same figure elsewhere: South Korea · Sri Lanka · Taiwan · Thailand · Türkiye · all 28