RHB | Singapore | Broad Money Slowed On Weaker Demand For Credit Domestically

Economic Research	01 September 2015
Singapore
Economic Highlights
Broad Money Slowed On Weaker Demand For Credit Domestically Singapore’s broad money (M3) growth decelerated further to +2.7% y-o-y in July, following readings of 3.6% in June, and +5.0% in May. The slowdown in growth was due to softer demand for both public and private credit, while an increase in government deposits also contributed to the downside. On the other hand, net foreign position growth picked up in July, cushioning some of the fall. Economist:  Ng Kee Chou | +603 92802179
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