Case | HBS Case Collection | January 2003

Exchange Rate Policy at the Monetary Authority of Singapore

by Mihir A. Desai and Mark Veblen


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.

Keywords: Currency Exchange Rate; Policy; Money; Singapore;


Desai, Mihir A., and Mark Veblen. "Exchange Rate Policy at the Monetary Authority of Singapore." Harvard Business School Case 204-037, January 2003.