Bloomberg.com, 10 Oct 2008, Shamim Adam
Oct. 10 (Bloomberg) -- Singapore fell into its first recession since 2002 and the central bank ended a policy favoring gains in its currency to help support the economy.
The Monetary Authority of Singapore, which relies on the currency rather than interest rates as its main policy tool, said today it's shifting to a ``zero-percent appreciation'' stance. Gross domestic product contracted an annualized 6.3 percent in the third quarter from the previous three months, after shrinking a revised 5.7 percent between April and June, the trade ministry said in a separate statement.
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