Singapore’s exchange rate-based monetary policy tightened, with the pace of appreciation increasing to restrain imported inflation. At the same time, macroprudential measures were augmented to cool down an increase in property prices, which amounted to more than 50% between 2009 and 2012. Viet Nam also maintained a generally tight monetary stance, but some of the earlier stabilization measures were relaxed, with the refinance and discount rates falling to 10% and 8% respectively by July 2012, from 15% and 13% at the end of 2011.