Singapore dollar hits 10-year high

The Singaporean currency (SGD) is trading against the USD at its strongest level in almost a decade, touching new highs in recent weeks amid lower US interest rates coupled with investors' confidence in its resilient economy.

As of September 27, SGD had been up 3% this year, at around 1.281 against the USD. The gain began around August in anticipation of a potential rate cut in the US and gathered pace after the Federal Reserve kick-started its rate-cut cycle on September 18.

Singapore dollar hits 10-year high (Photo: remitly.com)

The Monetary Authority of Singapore (MAS) is expected to keep a tight policy setting relative to the US Federal Reserve in the near term, enticing investors seeking higher yield. The SGD now ranks as the third-best performer this year among its Asian peers, after the MYR and THB.

In August, the Singaporean government raised the growth forecast for the whole year to 2-3% from 1-3% in previous prediction.

The stronger SGD is also a result of a tighter monetary policy by the MAS to fight inflation in the aftermath of the pandemic. The MAS tightened its monetary policy five times within the span of one year from October 2021 and has maintained an appreciating bias for the currency at its most recent meeting in July to rein in prices./.

World

Thailand aims to become ASEAN's clean energy hub
World

Thailand aims to become ASEAN's clean energy hub

BoI Secretary-General Narit Therdsteerasukdi revealed that there are currently 28 electric vehicle production projects by 22 companies in Thailand, with a total investment of approximately 78 billion THB and a combined production capacity of over 880,000 units.

Indonesia seeks new markets for palm oil
World

Indonesia seeks new markets for palm oil

Indonesia is the world's biggest producer of the edible oil used in making foods such as cakes, chocolate, and margarine as well as cosmetics, soap and shampoo, accounting for more than half of the global supply.

Thailand optimistic about tourism and spending during Songkran festival
World

Thailand optimistic about tourism and spending during Songkran festival

Deputy government spokesman Anukul Prueksanusak has cited findings from a recent consumer behaviour survey conducted by the University of the Thai Chamber of Commerce, which said spending during Songkran is projected to increase by 4.5% to 134 billion THB (3.8 billion USD), up from last year’s 129 billion THB

Thailand to negotiate with US on tariffs
World

Thailand to negotiate with US on tariffs

Thailand is on the list of 15 countries that could be affected by Trump’s tariff policy. The average US tariff on Thai imports is 2% while Thailand levies an average tariff of 8% on US products

Thailand revises tourism strategy after earthquake
World

Thailand revises tourism strategy after earthquake

Minister of Tourism and Sports Sorawong Thienthong said that a tourism risk and crisis management team will be established to support the industry, with representatives from organisations in the tourism supply chain, such as the Ministry of Home Affairs and the Roads Authority.