Chart of the Day: Singapore money supply jumped 5.3% in April

It grew thanks to higher net foreign position and private credit.

This chart from RHB Research shows that Singapore’s M3, including Asian currency units, bounced back to a 5.3% YoY growth in April after slowing to +3.1% in the month before.

"April’s strong print was a recovery from the temporary blip in March," RHB Research said. This was the slowest pace in 20 months and was mainly driven by a pick-up in the growth of net foreign position and private credit.

Meanwhile, a slowdown in government credit growth partly offset those gains.

Similarly, M1 growth picked up to 5.4% YoY during the month from +4.8% in March. This was amidst stronger growth in demand deposits.

RHB Research forecasts to M3 accelerate to +6.2% in 2018 from 4.1% in 2017. "This is premised on a strong SGD, stable economic prospects, and pick-up in property transactions," it said.

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