Bloomberg.com, 18 Nov 2008, Patricia Lui
Nov. 18 (Bloomberg) -- Singapore, facing a slump in exports amid a recession, may change its exchange-rate policy to favor a weakening currency in April or sooner, according to UBS AG.
The Monetary Authority of Singapore, after ending its policy of encouraging gains in the local dollar last month, may be open to depreciation to help revive the $161 billion economy, wrote Ashley Davies and Nizam Idris, currency strategists at the world's second-biggest foreign-exchange trader. The U.S. Federal Reserve, the Bank of Japan, the Bank of England and the European Central Bank have all cut interest rates to combat recessions.
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