On 15 May, the Bank operated a one-year medium-term lending facility (MLF), exceeding the expiry of this month’s S$ 100 billion, maintaining an excess; the median interest rate was equal to the previous rate of 2.75 per cent. The experts were of the view that the extension of MLF, due to expire, would help stabilize market expectations by releasing a signal of continued policy bias towards steady growth. On the same day, the People’s Bank also carried out a seven-day repurchase operation with...