A record jump in money flowing into Singapore bank accounts from abroad underlines the city-state's safe haven appeal during the COVID-19 pandemic and political uncertainty in rival financial centre Hong Kong, analysts say.
SINGAPORE - A record jump in money flowing into Singapore bank accounts from abroad underlines the city-state’s safe haven appeal during the COVID-19 pandemic and political uncertainty in rival financial centre Hong Kong, analysts say.
Deposits from non-residents into the city-state’s banks jumped 44% to a record S$62.14 billion in April from a year earlier, marking the fourth straight monthly rise, central bank data showed. “Hong Kong has been a source of funds for obvious reasons,” said Song Seng Wun, an economist at CIMB Private Banking. He added the pandemic and pressure on regional currencies had also fed fears of a currency crisis and capital flight.
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