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Latest industrial production crash still won't budge MAS
It will stay on policy path, says BBVA.
February industrial production fell by a more-than-expected -16.6% y/y (consensus: -7.9% y/y) on weak electronics and biomedical output, which according to BBVA adds to other recent disappointing outturns for Singapore, including weakened February exports.
But despite putting even more pressure on the Monetary Authority of Singapore to ease monetary policy at its next policy meeting in mid-April, the central bank will keep the status quo on policy.
BBVA said this is because inflation remains high (4.9% y/y in February), and MAS will likely "stay on hold by maintaining the present appreciation path for the SGP."
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