SINGAPORE on Friday loosened its monetary policy for the first time in more than four years, citing the global financial crisis and lower domestic growth as well as easing inflation.

The move by the Monetary Authority (MAS) - Singapore's de facto central bank - followed coordinated interest rate cuts by the world's leading central banks earlier this week in an effort to calm turbulent markets.

The MAS conducts monetary policy through the local currency rather than by setting interest rates.

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