MAS monetary policy in October 2026 stayed the same. In its Monetary Policy Statement on 14 October 2026, the Monetary Authority of Singapore kept the rate of appreciation of the Singapore dollar policy band unchanged, with no change to the band’s width or centre. For travellers, that means MAS is not changing course on the Singapore dollar, but it is not a forecast for the yen, ringgit or baht you will buy.
Here is what the statement said, and what it means for the money you spend overseas.
What MAS Monetary Policy Decided in October 2026
MAS manages the Singapore dollar against a basket of currencies, known as the S$NEER, within a policy band. In October 2026 it said:
- “MAS will therefore maintain the rate of appreciation of the policy band.”
- “There will be no change to the width of the band and the level at which it is centred.”
- Since its previous review in July, “the S$NEER has strengthened modestly within the upper half of the appreciating policy band.”
MAS also updated its inflation outlook. It forecasts MAS Core Inflation to average 1.5% to 2.0% in 2026, with headline CPI-All Items inflation around 2.0%. For 2027, it projects both to average 1.5% to 2.5%.
Why the Policy Band Matters to Travellers
An appreciating policy band means MAS allows the Singapore dollar to rise gradually against the basket over time. Over the long run, that tends to help people who spend in foreign currencies.
But there are three limits to keep in mind:
- It is a basket, not one currency. The S$NEER can rise while the Singapore dollar falls against one particular currency, because of what is happening in that country.
- The band is not published. MAS does not disclose the band’s exact slope, width or centre, so you cannot read a target rate from it.
- Short-term moves are large. Over a few weeks, the rate for your holiday currency can move more than the fees you pay.
The short version: MAS’s October 2026 decision is steady policy, not a promise. The Singapore dollar’s value against your holiday currency can still move either way before you travel.
What You Can Control
Exchange rates are outside your control. Fees are not. On a S$2,000 overseas spend, a 3.25% bank foreign currency fee (DBS’s stated total for Visa and Mastercard) costs $65, which can easily exceed a few weeks of currency movement. Illustration only.
The levers that matter more:
| What you control | Why it matters |
|---|---|
| The card or wallet you use | Bank card fees, wallet fees and weekend charges differ widely |
| Saying no to “pay in SGD?” | Dynamic currency conversion uses the merchant’s rate |
| How you get cash | ATM fees stack up; money changer rates vary by shop |
| When you convert | Splitting conversions spreads timing risk |
Our guides on foreign transaction fees and DCC and money changers vs multi-currency cards work through each with worked numbers.
Should You Change Money Now?
We cannot tell you whether rates will be better next month, and neither can anyone else with certainty. A common, low-effort approach is to convert part of your trip budget ahead of time and the rest closer to departure. That way you do not need to be right about timing.
If you hold a multi-currency wallet, you can do this in a few taps. Our Wise vs Revolut vs YouTrip comparison covers the conversion fees and weekend rules that apply.
What To Do Next
- Read the full MAS Monetary Policy Statement if you want the economic reasoning.
- Check your card’s foreign currency fee before your next trip, and compare it with the options in our multi-currency card comparison.
- Set a trip budget with the budget planner so exchange-rate swings do not catch you out.
- MAS has issued its policy statements quarterly since 2024. Check its past decisions page in late January 2027 for the next one.
