SINGAPORE'S FOREIGN RESIDENT DEPOSITS FELL BY $16.6 BILLION IN MARCH

Residents outside Singapore withdrew tens of billions of dollars in deposits from local banks amid the financial turmoil triggered by the collapse of several banks around the world last month, according to data released Friday by the Monetary Authority of Singapore.

The outflow of deposits from foreign residents in March was S $22.2 billion (US $16.6 billion) to S $521.8 billion, the lowest since July last year, the data showed.

Total outstanding loans and advances from commercial banks, including bill financing, fell by about S $7 billion to S $796.87 billion, the lowest level since August 2021. This came after five successive tightening of monetary policy.

Earlier this week, the MAS warned that "the outlook for the financial sector has weakened further on the back of turmoil in the US banking sector", raising concerns about broader contagion in the banking system and increasing downside risks to economic expansion.