International lending shows smallest growth in 13 years: BIS
ZURICH (AFP) - Cross-border lending saw its smallest growth in 13 years in the third quarter of 2012, according to a report published on Sunday by the Bank for International Settlements (BIS).
Between June and September last year, the cross-border lending of banks that report to BIS rose by just US$33 billion (S$41.2 billion), or 0.1 per cent, from the previous quarter.
The BIS, which is sometimes dubbed the central bank of central banks, explained in its quarterly report that the modest increase was driven by lending to non-banks, especially in dollars, British pounds and non-major currencies, which rose by $153 billion, or 1.4 percent.
That positive development was however countered by a fall of US$120 billion, or 0.7 per cent, in cross-border lending to banks.