SINGAPORE (Jun 1): Singapore’s foreign reserves increased by $22.6 billion in April, bringing the republic’s total foreign reserve repository to $301.8 billion.

This translates to a 12.4% y-o-y expansion to Singapore’s broad money supply in April, from the 9.8% growth clocked in March, RHB Securities’ team of economists point out in a May 29 note.

This follows a reduction in government deposits to +14.3%, against the +15.7% registered the month before. Meanwhile, a stronger growth in the city-state’s net foreign position to +12.7%, from +11.5% in March, provided a further lift to its overall money supply, the RHB team adds.

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