Singapore is witnessing a jump in deposits in local banks, which reflects investors' risk aversion and inflows from other markets, including Hong Kong (China), said Bloomberg Intelligence.
Foreign-currency deposits at local banks almost quadrupled from a year earlier. (Photo:)
Singapore (VNA) – Singapore is witnessing a jump in deposits in localbanks, which reflects investors' risk aversion and inflows from other markets,including Hong Kong (China), said Bloomberg Intelligence.
According to statistics by Monetary Authority of Singapore (MAS), foreign-currency deposits at Singaporean banksalmost quadrupled from a year earlier to a record 27 billion SGD (19.2 billionUSD) in April.
Deposits fromnon-residents surged 44 percent to 62 billion SGD (44.1 billion USD) – thehighest level since 1991 when records began.
Kiksha Gera, a banking analyst at Bloomberg Intelligence, said in a report onJune 2 that rising tensions in Hong Kong could potentially cause flows toSingapore if Hong Kong's status as a financial centre is threatened.
In its May report, the Hong Kong MonetaryAuthority said Hong Kong's local-currency deposits in April fell by 79.20billion HKD (over 10.2 billion USD) or1.1 percent to 6.90 trillion HKD compared to the same period of 2019./.
Singapore slashed its 2020 gross domestic product forecast for the third time, the Ministry of Trade and Industry said on May 26, as the economy prepares for its deepest ever recession.
Singapore’s exports of pharmaceutical products have surged since the beginning of this year, as the COVID-19 pandemic fosters worldwide stockpiling of drug ingredients.
Singapore and China have agreed to launch a “fast-lane” arrangement in early June to facilitate essential travel for business and official purposes, Singapore's Ministry of Foreign Affairs (MFA) said in a statement on May 29.
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Foreign-currency deposits at local banks almost quadrupled from a year earlier. (Photo:) 
