Foreign-currency deposits at local banks almost quadrupled from a year earlier. (Photo:https://www.straitstimes.com/) Singapore (VNA) – Singapore is witnessing a jump in deposits in local banks, which reflects investors' risk aversion and inflows from other markets, including Hong Kong (China), said Bloomberg Intelligence.
According to statistics by Monetary Authority of Singapore (MAS), foreign-currency deposits at Singaporean banks almost quadrupled from a year earlier to a record 27 billion SGD (19.2 billion USD) in April.
Deposits from non-residents surged 44 percent to 62 billion SGD (44.1 billion USD) – the highest level since 1991 when records began.
Kiksha Gera, a banking analyst at Bloomberg Intelligence, said in a report on June 2 that rising tensions in Hong Kong could potentially cause flows to Singapore if Hong Kong's status as a financial centre is threatened.
In its May report, the Hong Kong Monetary Authority said Hong Kong's local-currency deposits in April fell by 79.20 billion HKD (over 10.2 billion USD) or 1.1 percent to 6.90 trillion HKD compared to the same period of 2019./.
VNA
