East Asia & Pacific · GDP rank #26

Singapore

SG · SGD @ 0.7815/USD

Tab 04

Economics

The macro backdrop that actually bends payment behaviour. Nominal GDP, real growth, CPI, policy rate, and FX volatility set the backdrop; interchange, MDR, FX regime, and capital-control posture set the industry-specific dynamics.

MAS tightened S$NEER policy band slightly in April 2026 — the first tightening since 2022 — citing Middle East oil-and-gas pressure. Width and centre of band unchanged.

Nominal GDP

$545B

Real GDP growth

2.6%

CPI inflation

2.5%

Policy rate

N/A — MAS manages monetary policy via SGD NEER%

Unemployment

30-day FX volatility

0.7%

Remittance inflows

$0.2B

Remittance outflows

$4.7B

FX posture

How the currency is managed

The FX regime and capital-control posture together determine how much of cross-border flow is priced against the interbank and how much is administratively steered.

FX regime: managed float against trade-weighted SGD NEER basket
Capital controls: none — SGD fully convertible

30-day currency volatility

0.0%benchmark 2.5%0.7%

Scale 0-15%. Benchmark 2.5% marks the approximate median across G10 majors.