Singapore June bank lending steady from May

Total bank lending in Singapore was barely changed in June from May as loans to building and construction grew while lending to general commerce and manufacturing fell, central bank data showed on Thursday. -- PHOTO: ST FILE
Total bank lending in Singapore was barely changed in June from May as loans to building and construction grew while lending to general commerce and manufacturing fell, central bank data showed on Thursday. -- PHOTO: ST FILE

SINGAPORE (Reuters) - Total bank lending in Singapore was barely changed in June from May as loans to building and construction grew while lending to general commerce and manufacturing fell, central bank data showed on Thursday.

Loans and advances by domestic banking units in the city-state amounted to $597.7 billion last month, compared to $597.5 billion in May, according to the Monetary Authority of Singapore.

From a year earlier, June bank lending rose 12.3 per cent.

Housing and bridging loans increased 7.5 per cent in June to $171.8 billion from $159.9 billion a year earlier, according to the central bank data. The loans stood at $170.7 billion in May.

Loans and advances in Asian currency units (ACU) rose to $524.9 billion in June from $515.7 billion in May.

The ACU market refers to loans denominated in currencies other than the Singapore dollar.

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