A stronger S$
Singapore’s central bank announced yesterday it will give the Sing dollar more room to go up against the US dollar and other currencies.
WHAT IT MEANS FOR…
INFLATION
Inflation is expected to average 5% to 5.5% this year. A strong Sing dollar eases the pain of rising prices of imports, especially of oil and food. A weaker Sing dollar means you pay more as prices rise. Just yesterday, oil hit a new record of US$112 a barrel.
COMPANIES
Importers of raw materials will pay less as the Sing dollar strengthens.
Exporters may find their goods becoming pricier and less competitive in some markets.
TRAVELLERS
It’ll be cheaper to visit places like the US, Hong Kong and Britain.
The flipside? Singapore will be more expensive for visitors from there.
FIRST QUARTER SURPRISE
The economy grew 7.2 per cent from January to March 2008, beating expectations.
Manufacturing rebounded, construction was bouyant, and services stayed strong.
‘ALL GUNS ARE NOW FIRING ON THE INFLATION FRONT.’
- Selena Ling, OCBC Bank economist, on yesterday’s central bank moves.
Source : Straits Times - 11 Apr 2008
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