Published:
Singapore's money supply growth to moderate to 5.6% this year
Money supply has significantly outpaced loan growth.
RHB Research noted that money supply (M3), including Asian currency units (ACU), has grown at an average pace of +8.2% in the three months to January, doubling its pace of increase for the corresponding period last year. The increase has been led by the private sector.
“Looking ahead, we expect M3 growth to moderate to +5.6% in 2017, as M3 has outpaced loan growth significantly recently. The figure represents an increase from its +4.2% gain last year. Meanwhile, bank lending is projected to grow 3.2% this year, from +0.5% in 2016, supported by a low base effect and higher economic growth,” said RHB.
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