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Economic
Research
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1 March 2017
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Singapore
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Economic
Update
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Singapore’s broad
money supply (M3), including Asian currency units, grew 8.7% YoY in January,
accelerating from a 8.1% rise the month before. Demand for liquidity from the
public segment and net foreign position accelerated, whereas private credit
demand eased from the month before.
Going forward, M3 is expected to grow at around its
current rate in the next few months, supported by expectations of a
quicker-than-expected US Federal Reserve rate hike cycle and an improving
export outlook. However, things may calm down in the latter part of the year
as the hot money exits to seek assets with higher growth prospects. We
maintain our forecast for M3 to expand 5.6% this year, from +4.2% in 2016.
Economist: Ng Kee Chou
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Wednesday, March 1, 2017
M3 Accelerated On Improving Foreign Demand
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