August M3 Picks Up But Loan Growth Continues To Deteriorate

Economic Research	04 October 2016
Singapore
Economic Highlights
August M3 Picks Up But Loan Growth Continues To Deteriorate Singapore’s broad money supply (M3) grew 4.3% y-o-y in August, accelerating from a +3.0% reading the month before, boosted by modest increases in public demand for credit as well as net foreign position. Private demand for credit eased, capping some of the upside. Bank lending declined 5.2% in August, accelerating from a 4.8% drop the month before, dragged by deteriorating business loans. We continue to believe that the Monetary Authority of Singapore (MAS) will ease the slope and band of the S$NEER in October. Economist:  Ng Kee Chou | +603 92802179
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