Bank Lending in Singapore Inched 0.6% Higher in August compared to the month previous to it. Due to a rise in business loans, there was a continued contraction in consumer loans as showed in the MAS data, reflected in the article by Business Times
Domestic banking unit loans, that tells about the lending of all currencies, mostly Singapore dollar currency, shot up by about S$4 billion and moved to S$684.9 billion in total.
Total business loans grew 1.1% to S$422.7 billion in August compared with a month ago. Total consumer loans fell 0.2% to S$262.1 billion in August, marking the fourth straight month of contraction.
From a year ago, total lending rose 2.2 per cent, stronger than the 2.0 per cent year-on-year gain posted in July.