MAS tightened. Singapore rates fell anyway. The MAS paradox.
By headline logic, an April tightening should push discount rates up. It didn't — the SGS 10-year kept drifting toward ~2.1%. The reason: MAS doesn't set an interest rate at all. It manages the currency, and SGD rates are mostly imported from global moves.
That disconnect quietly breaks a lot of retail valuations. My new piece walks through where Singapore's risk-free rate actually comes from, why SORA isn't it, and how a 110bps Rf slip flipped one of my own bank reads from "fair" to "pricing pessimism."
https://stockbutts.com/risk-free-rate-singapore-valuation/
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