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Monetary Authority of Singapore's Managing Director Ravi Menon said property prices remain at elevated levels and some households are highly leveraged.
It is too early to relax property-related measures, he said at the release of the 2013/14 annual report on Thursday.
The central bank estimates the city-state economy to expand 2-4 percent this year. For the rest of the year, gradual improvements in the external environment is set to provide support to Singapore's external-oriented industries, the bank said.
At the same time, the domestic-oriented sectors are expected to remain resilient over the course of the year.
The central bank lowered its 2014 headline inflation forecast to 1.5-2 percent from the previous 1.5-2.5 percent. Core inflation is forecast to stay elevated at 2-3 percent, unchanged from the prior projection.