The current exchange rate for Singapore Dollar (SGD) to New Taiwan Dollar (TWD) is experiencing fluctuations near 14-day lows of approximately 23.59, which reflects a 1.6% increase above its three-month average of 23.21. The SGD to TWD has maintained a relatively stable range of 5.2%, trading between 22.69 and 23.87 in recent weeks.
Recent developments in Singapore have revealed a stable monetary policy from the Monetary Authority of Singapore (MAS), which decided to keep its policy settings unchanged following a surprising GDP growth of 1.4% in Q2 2025. This has provided the MAS with the flexibility to manage core inflation, which has decreased from a peak of 5.5% in early 2023 to 0.6% in June 2025. Analysts are divided on future policy directions, with some expecting no change while others foresee potential easing to address a slowing economy.
Contradictorily, in Taiwan, the New Taiwan Dollar has appreciated sharply, by over 10% in 2025, prompting the central bank to enforce capital control measures to stabilize the currency. This move is particularly aimed at foreign investors, reflecting concerns around the impact of the TWD’s rise on Taiwan's export-driven economic structure. Furthermore, significant financial stress has been indicated by Fitch Ratings, which placed several Taiwanese life insurers on a downgrade watch due to their exposure to currency fluctuations, despite their hedging efforts.
Economists observe that the interplay of easing trade tensions and Singapore's monetary decisions contrasts with Taiwan's strict capital controls and concerns over U.S. tariffs. The potential slowing of Singapore's growth, expected in 2026, along with Taiwan's cautious stance due to capital appreciation and external economic pressures, may lead to a dynamic exchange trend between SGD and TWD. Thus, stakeholders are advised to monitor these developments closely as they could influence future currency pricing and strategies for international transactions.
