MAS was recognised for its pivotal role in navigating Singapore through complex global economic challenges and fostering a resilient financial ecosystem. Jakarta, 21 May 2025 – The Monetary Authority of Singapore (MAS) has been awarded the Best Macroeconomic Regulator in Asia Pacific by TAB Global, in recognition of its remarkable efforts in orchestrating Singapore's economic success, ensuring price stability and driving innovation in the financial sector, all while manoeuvring through a complex global economic landscape rife with trade fragmentation and geopolitical tensions. Driving economic expansion amidst global headwinds In 2024, Singapore witnessed a robust economic expansion of 4.4%, building on its recovery from the relatively slower growth in 2023. This growth was spurred by a resurgence in advanced manufacturing, resilient services exports and strategic investments in green and digital technologies. MAS played a crucial role in this growth trajectory. Its well-calibrated policies provided the necessary impetus, enabling Singapore's economy to withstand global headwinds. Despite the challenges posed by global trade fragmentation and geopolitical tensions, MAS's policies were instrumental in maintaining steady growth, while carefully mitigating risks of overheating that could have derailed economic progress. Taming inflation and stabilising the currency Singapore's core inflation remained commendably stable at 2.8% in 2024, a feat attributed to MAS's astute use of its exchange - rate - centred monetary policy. By allowing a gradual appreciation of the Singapore Dollar Nominal Effective Exchange Rate (SGD NEER), MAS effectively curbed imported inflation. This approach was a delicate balancing act, as it also maintained the competitiveness of Singapore's exports. Under its unique exchange rate framework, MAS actively intervened in the foreign exchange markets to keep the SGD NEER within a predefined policy band. In 2024, this strategy proved highly effective in stabilising the Singapore dollar (SGD) against the volatile movements of major currencies like the US dollar (USD) and Japanese yen (JPY). Such stability provided much-needed predictability for businesses and investors operating in Singapore, bolstering confidence in the economy. Ensuring financial market order and promoting innovation MAS ensured financial market order through proactive liquidity management, with banking system liquidity ratios exceeding global standards and domestic banks maintaining strong profitability in 2024. The aggregate common equity tier 1 (CET1) capital adequacy ratio (CAR) stood at 16.7%, well above requirements, while low non-performing loans (NPLs) reflected prudent oversight. The authority also led fintech innovation by advancing initiatives like Project Orchid on wholesale central bank digital currency (wCBDC)), deploying artificial intelligence (AI)-driven regulatory tools and strengthening cross-border partnerships—positioning Singapore as a regional hub for financial cooperation and regulatory excellence. About the Regulation and Supervision Awards The Regulation and Supervision Awards programme evaluates and recognises the achievements of central banks and banking regulators in fulfilling their varied roles of managing macroeconomic performance, in terms of maintaining inflation and price stability; systemic and prudential regulation to ensure soundness and stability of the financial system; and conduct of business regulation to cover the licensing, behaviour and practices of financial services providers to ensure equity amongst participants and fair treatment of consumers and users. Media Contact Genivi Factao Editor TAB Global Email: [email protected]
