Singapore won’t ease real-estate curbs ‘anytime soon,’ MAS says

SINGAPORE (Sept 6): Singapore doesn’t intend to ease property curbs that have dragged home prices down by almost one-tenth anytime soon, the head of the central bank said.

The relaxing of mortgage refinancing rules announced last week by the Monetary Authority of Singapore are aimed at easing homeowners’ debt burdens rather than create demand for new housing loans, the central bank’s Managing Director Ravi Menon said Tuesday.

“This doesn’t represent an easing at all,” Menon said. “If you look for a prop up to the market, this is not going to help as it doesn’t apply to new loans. This is to improve financial prudence without creating new demand for housing loans. We won’t ease anytime soon.”

---

Related Stories

• Banks in Singapore can withstand multiple shocks: MAS
• Changes in ICR, leverage to come into effect immediately, with additional disclosures in March
• MAS Financial Stability Review shows local banks can withstand multiple shocks

---