AP Audit & Consulting

World

18 Dec 2024, The Federal Reserve lowered the federal funds rate target by 0.25 percentage points to 4.25-4.50%. Economic activity is expanding at a solid pace, though inflation remains slightly above the 2% target. The labor market has eased, but unemployment is still low. The Fed remains committed to achieving its dual goals of maximum employment and 2% inflation, and will continue reducing its holdings of Treasury and mortgage-backed securities. The Fed will monitor economic data and adjust policy as needed, with risks to both sides of its mandate considered.

7 Nov 2024, The Federal Reserve lowered the federal funds rate by 0.25 percentage points, setting it between 4.5% and 4.75%. Chair Powell emphasized the Fed’s commitment to maximum employment and a 2% inflation target. Economic activity remains solid, with inflation trending lower but still above target, and the labor market easing slightly while unemployment stays low. The Fed sees risks to employment and inflation as balanced. The Committee will continue reducing its holdings of Treasury securities and mortgage-backed securities, with future rate decisions based on incoming data and the evolving economic outlook.

Sep 2024, The Federal Reserve's federal funds rate is now set between 4.75% and 5.00%, following a 0.5 percentage point cut. Chair Powell emphasized the Fed's focus on maximum employment and stable prices. Inflation has decreased from a peak of 7% to an estimated 2.2%, with average payroll job gains of 116,000 per month and an unemployment rate of 4.2%. GDP growth remains strong at 2.2% for the first half of the year, though inflation is still above the 2% target. Powell indicated that risks to employment and inflation are balanced, guiding the rate adjustment. He reaffirmed the Fed's commitment to its public mission and its impact on communities nationwide.

Singapore

15 Oct 2024, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) conducted "Exercise Raffles," a business continuity exercise aimed at enhancing crisis management and operational resilience in the financial sector. In its seventh edition, 20 key financial institutions participated, facing simulated scenarios like IT outages and cyber-attacks to test their response and recovery capabilities. The exercise emphasized the need for collaboration among institutions to ensure timely recovery during crises. Insights gained will further strengthen the sector's preparedness against potential disruptions, reinforcing public confidence in essential financial services.

18 Sep 2024, The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced that major retail banks will introduce Singpass Face Verification (SFV) over the next three months. SFV will enhance the digital token (DT) setup by verifying customer identities through facial scans in high-risk situations, making it harder for scammers to misuse credentials. Customers without a Singpass account can register via the app. This initiative, alongside other measures like the Money Lock feature, aims to strengthen protection against scams.

27 Aug 2024, Singapore’s Equities Market Review Group held its inaugural meeting, setting priorities for two workstreams. The Enterprise and Markets workstream will focus on enhancing listings, investor participation, and trading liquidity. The Regulatory workstream will streamline regulations and improve corporate governance. The group will provide updates and engage stakeholders over the next 12 months.

Thailand

26 Feb 2025, Thailand's Monetary Policy Committee cut the policy rate by 0.25 percentage points to 2.00%. The economy is growing slower than expected due to manufacturing issues and competition from imports, despite growth in domestic demand and tourism. GDP growth is projected to be slower, with inflation expected to stabilize at the lower end of the target range. Credit growth is stabilizing, but SME loans remain under pressure. The baht has been volatile against the U.S. dollar. The Committee will closely monitor economic and financial developments.

18 Dec 2024, Thailand's Monetary Policy Committee kept the policy rate at 2.25%. The economy faces challenges from external factors, with uneven recovery across sectors. Tourism and exports are driving growth, but manufacturing, especially SMEs, is under pressure. GDP is projected to grow 2.7% in 2024 and 2.9% in 2025. Inflation is expected to remain low, with headline inflation at 0.4% in 2024. Credit growth has slowed, and the baht has depreciated against the U.S. dollar. The Committee will continue to monitor economic and financial developments amid ongoing uncertainties.

16 Oct 2024, Thailand's Monetary Policy Committee decided to cut the policy rate from 2.50% to 2.25% to alleviate debt-servicing burdens while maintaining a neutral stance amid ongoing economic growth. The Thai economy is projected to expand by 2.7%, supported by tourism and private consumption, despite challenges for SMEs and certain sectors. Headline inflation is expected at 0.5% in 2024 and 1.2% in 2025. Financial conditions have tightened slightly, and while business loan growth has declined, targeted debt restructuring measures are encouraged to aid household deleveraging and maintain economic stability.

18 Sep 2024, Thailand's carbon dioxide emissions from energy use declined 2.5% year on year in the first half of 2024, totaling 121.9 million tonnes, according to the Energy Policy and Planning Office (EPPO). While electricity generation emissions rose 5.8% to 48.1 million tonnes, the transport sector saw a 1.2% decrease, emitting 41.5 million tonnes. The industrial sector experienced a significant drop of 16.8%, emitting 25.6 million tonnes. Oil remains the largest contributor to emissions at 52.9 million tonnes, followed by natural gas and coal.

21 Aug 2024,  Thailand's Monetary Policy Committee maintained the policy rate at 2.50%. The economy is projected to grow, supported by tourism and domestic demand, while inflation is expected to return to target by year-end. Key concerns include monitoring credit quality and financial conditions amid slow income recovery and tightening financial markets.