Similarly, Singapore’s foreign reserves saw the addition of US$0.5 billion ($0.7 billion), bringing the total holding for the month to US$328 billion.
Singapore’s broad money supply grew 11.3% on year in September, inching down marginally from the 11.8% expansion logged the month before.
This follows a plunge a 5.4% year-on-year contraction in government deposits in September, which also marks the parameter’s first contraction since June 2019, economists at RHB Singapore’s Research team say in an Oct 30 note.
