Why a Strong Singapore Dollar?

Keng Swee Goh

Chapter 10 in Resilience, Dynamism, Trust:50 Landmark Statements by MAS Leaders, 2021, pp 79-81 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Following the onset of recession in Singapore in mid-1985, the Singapore Dollar came under speculative attack. MAS, under the direction of its then Deputy Chairman, Dr Goh Keng Swee, issued a public statement on 16 September 1985 to explain the government’s reasons for a strong currency. At the same time, MAS also intervened in the foreign exchange markets to support the Singapore Dollar and simultaneously withdrew market liquidity — thereby causing overnight interest rates to soar above 100% in order to punish short-sellers…

Keywords: Monetary Authority of Singapore; Central Banks; Singapore; Monetary Policy; Fintech (search for similar items in EconPapers)
JEL-codes: E44 E5 E58 E6 F45 (search for similar items in EconPapers)
Date: 2021
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