A Central Bank With No Key Rate? Yes, in Singapore

Singapore monetary policy can sound a little back-to-front.
While for most countries tighter policy equates to higher borrowing costs, it’s not necessarily the case for the Asian city-state, where interest rates can rise when the central bank is loosening policy.
That’s because the Monetary Authority of Singapore uses the exchange rate -- not interest rates -- as its main policy tool in its biannual reviews in April and October.

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