Singapore’s central bank left its monetary policy settings unchanged for a fifth straight time as it tweaked its economic outlook, expecting cooler inflation and stronger growth, the Wall Street Journal reported. The Monetary Authority of Singapore (MAS) said that it would maintain the prevailing rate of appreciation of the Singapore dollar nominal effective exchange rate policy band. There will be no change to the width and the level at which the S$NEER policy band is centered, the MAS said Friday.

Citigroup Inc., DBS Group Holdings Ltd. and other banks caught up in Singapore’s biggest money-laundering scandal are ramping up scrutiny of their wealthy customers and potential clients to avoid exposure to illicit flows, Bloomberg News reported. Private bankers at several institutions are also receiving additional training to help them spot tricks used by criminals to mask their backgrounds and sources of funds, said the people, who asked not to be identified discussing private matters.

Singapore’s economy looks on track for a strong year, with hopes underpinned by better-than-expected growth, steadying inflation and improving trade, the Wall Street Journal reported. The city-state’s economy, one of the richest in Southeast Asia, picked up in the first quarter of the year as growth in the services sector helped offset weakness in manufacturing. Gross domestic product expanded 2.7% compared with the same period a year earlier, according to revised data released by the Ministry of Trade & Industry on Thursday. That improved on the fourth quarter’s 2.2% expansion.

Artificial intelligence lacks the human judgement skills needed to set interest rates, the head of the Monetary Authority of Singapore said on Monday, Reuters reported. But AI could make it easier for criminals to launch cyber attacks, said Chia Der Jiun, managing director of Singapore's central bank. He said AI was being used in some economic models and in areas such as fraud detection, but stressed it was not at a stage where it could "supplant human judgement". "There is a great deal of judgement involved in understanding and having a view as to the forward path of inflation...

Singapore’s central bank kept its monetary policy unchanged as it cautioned that inflation is set to stay high for at least a few quarters, the Wall Street Journal reported. The decision came as advance estimates for the city-state’s economic growth in the first quarter missed expectations, but not enough to cause much concern among analysts. After standing pat for a fourth straight time, the Monetary Authority of Singapore said Friday that the current settings are needed “to keep a restraining effect” on imported inflation and domestic price pressures.

Electric van leasing company EVCo has been put under insolvent liquidation, with debts of almost $50 million, the Straits Times reported. EVCo, also known as Strides DST, is 60 per cent owned by transport operator SMRT’s business arm Strides Holdings and 40 per cent by Dishangtie Green Technology (Hong Kong). The two-year-old firm was incorporated in March 2022 with a paid-up capital of $10 million.

Singapore’s non-oil domestic exports fell unexpectedly in February, but economists still see encouraging signs of a better trade outlook ahead, the Wall Street Journal reported. The 0.1% on-year drop in exports last month was driven mainly by a decline in shipments of non-electronic goods, data from Enterprise Singapore showed Monday. That compared with a revised 16.7% expansion in January. Non-electronics exports declined 1.5% on year in February, compared with January’s revised 21.1% expansion.

Singapore’s overall debt situation remains manageable thus far, with both individual bankruptcy and corporate winding-up orders below pre-pandemic levels, said Minister of State for Trade and Industry Alvin Tan in Parliament on Wednesday, the Business Times reported. He was responding to Member of Parliament Yip Hon Weng, who asked if the government was concerned about individual bankruptcy applications reaching an 18-year high, and increased corporate insolvencies in 2023.