Tax-exempt money market funds experienced outflows of $3.25 billion in the week ending July 19, nearly double the losses recorded the previous week, according to the Money Fund Report, a service of iMoneyNet.com.

Total net assets dropped to $348.94 billion. The average seven-day simple yield for the 494 tax-exempt money funds moved up to 0.04% from 0.03% the week before, while the average maturity was unchanged at 28 days.

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