Demand for tax-exempt money market funds continued to shrink as the industry experienced $530.4 million in outflows, leaving total net assets at $264.12 billion, in the week ended July 29, according to The Money Fund Report, a service of iMoneyNet.com.

It was the third straight week of outflows for the funds since an inflow of $3.6 billion the week ended July 8. Funds registered $475.3 million in outflows last week, which put total net assets to $264.65 billion. In the week ended July 15, funds suffered $852.6 million in outflows.

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