Regional News
Central banks in much of Asia are rapidly turning dovish as worries about the global economy supercede inflation fears, forcing a u-turn in monetary policy.
The Monetary Authority of Singapore on Friday became the fourth Asian central bank in a week to ease or hold monetary policy, following rate cuts in Pakistan and Indonesia and a continued pause in the tightening cycle in South Korea.
Central banks in Malaysia, the Philippines and Thailand will hold monetary policy meetings next week amid growing concern about an economic slowdown in Europe and the US that many economists think is likely to affect Asia quickly as trade dries up.
Not all central banks will join the rush to ease policy, however. The Bank of Thailand has signalled that it may defy pressure for interest rate cuts from the populist government of Yingluck Shinawatra. Economists said India and China would probably remain cautious because of continuing fears about inflation.
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By: Kevin Brown in Singapore
Source: Philippine Daily Inquirer, Oct. 14, 2011
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