SINGAPORE BOND MARKET MECHANICS
Monetary Transmission
MAS FX Policy to SGD Rates Transmission
How an exchange-rate-centred monetary regime can still affect domestic interest-rate conditions.
MECHANISM
Singapore's monetary framework centres on the exchange rate rather than a conventional policy-rate target. Domestic money-market rates nevertheless interact with global rates, SGD liquidity, FX expectations and market operations.
WHAT TO MONITOR
Watch SORA, SGD forward points, the trade-weighted exchange-rate framework and global short-term rates together.
Primary-source starting points: Monetary Authority of Singapore — Bonds and Bills and Singapore Ministry of Finance — Assets and Liabilities. Source availability varies by mechanism.
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