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.

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.

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