Singapore, April 14 (Reuters) - Singapore's central bank on Tuesday eased monetary policy for the second time since 2003, by shifting the secret trade-weighted trading band for its currency lower in what is effectively a one-off devaluation.
This policy option was the one most analysts had expected the Monetary Authority of Singapore (MAS) to take in order to weaken the currency to cushion the economy from the worst financial crisis in decades.
"MAS will therefore re-centre the exchange rate policy band to the prevailing level of the S$NEER, while keeping the zero percent appreciation path," the central bank said in its twice-yearly monetary policy statement.
The Monetary Authority of Singapore sets policy by managing
the Singapore dollar