24.07.201407:16:00UTC+00Too Early To Relax Curbs On Singapore Property Market, MAS Chief Says

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.