DEPOSITS of residents outside Singapore held by Singapore-based banks rose to its highest level not seen since early-2016, preliminary data from the Monetary Authority of Singapore on Friday showed.

The monthly data showed that some S$49.76 billion from residents outside Singapore were held in through the domestic banking unit as at October this year.

It includes deposits from persons with registered addresses outside Singapore - including overseas residents - Singaporeans working abroad, and companies with a registered address outside Singapore.