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Financials

Singapore foreign currency deposits up, no large flows from HK -cenbank

SINGAPORE, June 7 (Reuters) - Singapore’s central bank on Sunday reported strong year-on-year growth in April in foreign currency deposits in the city-state but said media reports of large flows of deposits from Hong Kong were incorrect.

“Total foreign currency non-bank deposits in Singapore’s banking system stood at S$781 billion at the end of April this year, 20% higher than a year ago,” the Monetary Authority of Singapore (MAS) said in a statement on Sunday.

Reporting by Anshuman Daga

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