With the latest move, Singapore has emerged as the first in Asia to tighten monetary policy in response to the Iran war, while regional peers have largely stayed on hold as they assess the economic fallout from the conflict. Last week, the Reserve Bank of India and the Bank of Korea kept interest rates unchanged as they monitor the impact of surging oil prices on the economy. Indonesia, the Philippines and Thailand — all due to decide on monetary policy in the coming weeks — have in the past few weeks signaled they would hold rates.