SINGAPORE - The strong growth in foreign currency deposits in Singapore this year has come from a variety of sources - domestic, regional, and beyond the region.. Read more at straitstimes.com.
SINGAPORE - The strong growth in foreign currency deposits in Singapore this year has come from a variety of sources - domestic, regional, and beyond the region.
"Total foreign currency non-bank deposits in Singapore's banking system stood at $781 billion at the end of April this year, 20 per cent higher than a year ago," said the MAS in a statement. "It is not meaningful to look at only the foreign currency deposits in the DBUs as they make up less than 5 per cent of the total of such deposits across both the DBUs and ACUs," said MAS.MAS had announced in 2015 that the two ledgers would be merged as there was no longer a meaningful purpose for the separation.
MAS was responding to media reports last week suggesting that there were large flows of deposits from Hong Kong to Singapore.
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