Singapore's currency devalued
14-04-2009
Singapore's central bank has devalued its currency to counter a record economic slump. The city's Monetary Authority says it has "re-centered" the secret trading range for the local currency. Economists say the actual devaluation of the Singapore dollar might be as much as two percent. Singapore's economy contracted a record 11.5 percent in the first quarter of this year. The government expects the economy to shrink by between 6 and 9 percent in the whole of 2009.
