Singapore’s Wong Rejects Weaker Currency as Competitiveness Strategy

Singapore Prime Minister Lawrence Wong rejected weakening the Singapore dollar to improve competitiveness, saying the country must rely on economic capabilities, stability and predictability despite its high business costs. Wong made the remarks Oct. 12 at DBS’ Asia Future Forward Conference in Singapore. He said the Monetary Authority of Singapore would continue managing monetary policy independently and that the currency would reflect the country’s economic fundamentals. “If the economy does well, then we can continue to expect a strong, stable Sing dollar that is anchored on fundamentals and will also help keep imported inflation down,” Wong said.

Source: TokenPost