Singapore money supply grew by 3.1% in March

Its net foreign position weighed on the growth of both public and private credit.

Singapore’s money supply (M3), including Asian currency units, grew by +3.1% YoY in March, softer than the +5.8% rise in the month before.

RHB Research noted that the stronger growth of both public and private credit – at 4.4% and 3.4% YoY respectively – was not enough to offset the slower growth in net foreign position from 6.3% YoY to 2.8% YoY. Meanwhile, government deposits recorded a smaller rate of contraction for the month at -16%.

"Going forward, we maintain our expectations for M3 to accelerate to +6.2% in 2018 from 4.1% in 2017. This is premised on a strong SGD, rising economic prospects, and a pick-up in property transactions," RHB said.

Meanwhile, loans have stayed on an upward trend. Bank lending in Singapore rose 5.4% YoY in March as sustained demand for home and corporate loans kept credit levels stable.

Consumer loans rose by 5.4 % YoY to $199.25b (SG$263.77b) whilst business loans grew 5.4% YoY stood at $300.51b (SG$397.83b) in March - both representing speedier paces of growth.

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