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 Via ANCAPS: Singapore economy booms, prompting currency shift

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Via ANCAPS: Singapore economy booms, prompting currency shift Vide
PostSubject: Via ANCAPS: Singapore economy booms, prompting currency shift    Via ANCAPS: Singapore economy booms, prompting currency shift Icon_minitimeThu Apr 14, 2011 3:00 am
Singapore's economy grew more than twice the pace economists estimated in the first quarter and the central bank said it would allow further gains in the currency in the third tightening of monetary policy in a year.

The Singapore dollar jumped to a record against the greenback after a trade ministry report showed gross domestic product rose at an annual rate of 23.5 per cent last quarter from the previous three months. That's up from 3.9 per cent in the fourth quarter, and compares with the 11.4 per cent median estimate in a Bloomberg News survey of 14 economists.

The central bank said separately it will allow the Singapore dollar to appreciate more.

The island's dollar has climbed 10 per cent over the past year, the best performer in Asia outside Japan, as policy makers used the currency as their main tool to fight inflation.

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