“Policy missteps in the timing, pace, and sequence of withdrawal of support measures could exacerbate both growth and inflation risks,” MAS wrote in its annual review released on 6 December.
MAS stress tests reportedly found that banks will be resilient to further downside risks, thanks to their strong capital positions. “Banks’ overall credit growth has been healthy, largely driven by non-bank lending, and resident non-bank lending registered robust growth, although the latter led to the slight rise in resident leverage risk,” it added.Meanwhile, household financial vulnerabilities were noted to be relatively unchanged from the past year, but are still slightly higher than before the pandemic, according to data from MAS. This reflects the increase in leverage risk over the same period.
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