Following DBS' acquisition of POSBank in November 1998, POSBank was included as part of the banking system.  This has resulted in a break in the money supply, bank credit and deposit series.  In view of the numerous requests for data incorporating POSBank in the months before the merger, we have created these series for reference here (XLS (13.5 KB)), (PDF (27.4 KB)).  Please note that these series, which extend from November 1997 to October 1998, are for the purpose of providing a consistent base for the analysis of year-on-year growth in money supply, bank credit and deposit, and are distinct from the actual series provided in the MSB.

Details of how POSBank was incorporated in the banking system were provided in the December 1998 edition of the Monthly Statistical Bulletin.  Please refer to "Monetary and Financial Developments" here (PDF (108.8 KB)).

The M3 series has been revised to include POSBank's fixed deposits with MAS.  The revised historical data for M3 (XLS (21.6 KB)), (PDF (108.4 KB)) extends back to October 1982.  For details of this revision, please refer to the January 1999 issue of the Monthly Statistical Bulletin – “Money Supply Compilation and Revisions” here (PDF (38.3 KB)).

In July 2021, MAS removed the need for banks to segregate their accounting books into the Domestic Banking Unit (DBU) and the Asian Currency Unit (ACU). This DBU-ACU was previously used to distinguish the domestic and offshore operations of banks and merchant banks. With the removal of DBU-ACU divide, a revision to the MAS Notices 610 and 1003 was made to ensure that the data MAS collects remain relevant, which led to changes in the MSB statistics. Please refer to this note (203.6 KB) for details on the MSB changes.