Singapore did not take in 'large flows' of Hong Kong deposits: MAS_sg
The other accounting ledger where more foreign currency deposits are captured is known as the Asian currency unit .
"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 the regulator. The regulator noted that the strong growth in foreign currency deposits in Singapore this year has come from a variety of sources – domestic, regional, and beyond the region.MAS said there are some"well-known global drivers" of this deposit growth amid the current economic slump related to the Covid-19 outbreak.
MAS announced in 2015 that the two DBU and ACU ledgers would be merged as it said there was no longer a meaningful purpose for the separation, with legislative amendments to do away with the DBU-ACU divide passed in Parliament in January this year. The operational date of the merger of the two ledgers, however, has not been announced.For daily updates on weekdays and specially selected content for the weekend.
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