SINGAPORE saw a record jump in deposits in April as investors rushed to park funds here given its status as a safe haven amidst global market volatility, said analysts. Read more at The Business Times.
Singdollar-denominated deposits - which make up the bulk of deposits - also went up 10 per cent to S$716.6 billion in April from a year ago, the highest it has been.
CIMB Private Bank economist Song Seng Wun noted that foreign currency deposits have been on the rise in Singapore since the second half of last year, coinciding with the Hong Kong unrest and escalating tensions between the United States and China due to the trade war. But despite the eye-catching numbers seen, analysts pointed out that foreign currency deposits make up only about 4 per cent of total deposits in the domestic banking unit.
"People are stuck at home, not travelling on holidays and can't go out to eat and shop. They have money in the bank that they are cautious about spending," he noted.
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