Banks are slow to raise deposit rates. Monies are flowing out to Govt Bonds, TBills & MMF (Money Market Fund) as these offers much better returns with low risk (or risk free for Govt Bonds / Bills)

Singapore Says Foreign Residents’ Deposits Fell by S$22 Billion

Residents outside Singapore pulled billions in deposits last month amid financial turmoil triggered
Singapore Says Foreign Residents’ Deposits Fell by S$22 Billion

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