Non-Resident Deposits in Singapore Banks Rise for Eighth Month
- Another possible sign of deposit inflows from Hong Kong
- Deposits by non-residents have been rising since March
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Deposits by non-residents in Singapore banks rose 2.6% in November to S$51.1 billion ($37.9 billion), the eighth consecutive month of gains, according to Monetary Authority of Singapore data.
The uptick from October could reflect continued inflows from Hong Kong amid the political tensions in the former British colony. Non-resident deposits have been rising steadily since March, the data show.