Singapore’s central bank tightened monetary policy for the first time in four years on Tuesday and raised its inflation outlook in response to the global energy shock.
The Monetary Authority of Singapore warned that the import-dependent nation was vulnerable to the sharp increases in oil and gas prices since the outbreak of war in the Middle East six weeks ago and the longer-term impact on global supply chains.
The move is the latest sign of stress in Asia, the region hardest hit by surging energy prices following the closure of the Strait of Hormuz, a crucial chokepoint through which up to 25 per cent of the world’s seaborne oil and gas supply usually transits.
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