Singapore to maintain policy of modest, gradual appreciation of Singapore dollar

The Monetary Authority of Singapore (MAS) said Tuesday that it would maintain its policy of a modest and gradual appreciation of the Singapore dollar.

The latest policy announcement came amid Singapore's moderate economic growth, MAS said in a statement.

"There will be no change to the slope and width of the policy band, and the level at which it is centered."

Singapore economy grew by 2.1 percent in the first quarter of 2015 on a year-on-year basis. This was due in part to relatively slow growth in manufacturing sector, which makes up a fifth of the economy.

MAS adjusted its monetary policy in January, saying it would slow the Singapore dollar's appreciation by reducing the slope of the policy band, citing the more benign inflation outlook.