Singapore bank lending weakens in December: MAS

The Monetary Authority of Singapore building in Shenton Way. PHOTO: REUTERS

SINGAPORE - Bank lending in Singapore was down 0.3 per cent in December from the previous month, preliminary data from the Monetary Authority of Singapore (MAS) on Wednesday (Jan 31) showed.

This reversed from the 0.6 per cent month-on-month gain in November.

Loans through the domestic banking unit - which captures lending in all currencies, but mainly reflects Singapore-dollar lending - stood at S$652 billion in December, up from S$654 billion in November.

Business loans fell 0.8 per cent to S$390 billion in December, as compared to the 0.5 per cent increase enjoyed in November from a month ago.

Consumer loans grew 0.4 per cent to S$262 billion in December, compared to the 0.9 per cent gain in November.

From a year ago, bank lending in December was up 5.6 per cent. This was weaker than the 7.1 per cent year-on-year growth in November.

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