Notes on Singapore’s and Cambodia’s benchmark rates:
Singapore: Since the early 1980s, Singapore’s monetary policy has been centered on the management of the exchange rate, rather than interest rates, due to the trade-reliant nature of the Republic’s economy, according to the Monetary Authority of Singapore (MAS) and The Straits Times. To achieve this goal, (1) the Singapore Dollar (SGD) is managed against a basket of currencies of the country’s primary trading partners; (2) MAS operates a managed float regime for the SGD with the trade-weighted exchange rate allowed to fluctuate within a policy band; and (3) the exchange rate policy band is reviewed periodically to ensure it remains constant with the underlying fundamentals of the economy, according to MAS.
Cambodia: The National Bank of Cambodia does not have a benchmark interest rate, according to The Phnom Penh Post. Therefore, we take the average repurchase rate at the end of each month for the various tenors of the bank’s negotiable certificate of deposits in Riel.