Exchange Rate Policy at the Monetary Authority of Singapore

Posted: 26 Jul 2006

See all articles by Mihir A. Desai

Mihir A. Desai

Harvard Business School - Finance Unit; National Bureau of Economic Research (NBER)

Date Written: July 28, 2006


SUBJECT AREAS: Currency, Foreign exchange rates, Inflation, Macroeconomics, Monetary policy, Regulatory agencies

CASE SETTINGS: Singapore; Government & regulatory; 10,000 employees; 2002

The Monetary Authority of Singapore (MAS) is responsible for the country's monetary policy, and its decisions are intended to support the country's overall strategy for sustainable economic growth with price stability. MAS has been very successful in managing exchange rates using a managed float system, which allows more flexibility than a fixed exchange rate but less volatility than freely floating exchange rates. Following the Asian financial crisis, Dr. Khor Hoe Ee and his colleagues must decide whether to continue to manage exchange rates through the managed float or whether alternative monetary policies would be more effective in supporting Singapore's economic goals.

Suggested Citation

Desai, Mihir A., Exchange Rate Policy at the Monetary Authority of Singapore (July 28, 2006). HBS Publishing Case No.: 9-204-037; Teaching Note No.: 5-206-029, Available at SSRN:

Mihir A. Desai (Contact Author)

Harvard Business School - Finance Unit ( email )

Boston, MA 02163
United States
617-495-6693 (Phone)
617-496-6592 (Fax)

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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