Prof Mayes, co-director of New Zealand Governance Centre, University of Auckland was of the opinion that the current method of using exchange rate to target inflation is appropriate. Using exchange rate as a monetary tool to control inflation is a hotly debated issue, some proposed using macro prudential policies as a more effective tool to curb inflation. He was speaking at an annual conference organised by SMU SKBI. The title of the conference was Asset Price Bubbles and Ong Chong Tee, Deputy Managing Director of MAS was the Guest of Honour.

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