Singapore's central bank on Friday loosened its monetary policy, the first such move since 2020, saying it expects inflation and growth to be slower than it initially forecast this year.

The Reserve Bank of Australia cut interest rates for the first time since 2020 on Tuesday, joining its international counterparts in the global easing cycle.

Australia's central bank cut rates for the first time in more than four years on Tuesday but warned it was too early to declare victory over inflation and was cautious about the prospects of further easing.

The Reserve Bank Board of Australia (RBA) announced they had cut interest rates by 25 basis points to 4.10%. The easing is the first since November 2020, when the central bank cut rates while grappling with the pandemic’s economic slowdown.