Singapore bank lending up 1.1% in May

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Singapore’s total bank lending inched up by 1.1 percent in May from the previous month, preliminary data from the Monetary Authority of Singapore (MAS) revealed today (30 June). This was higher than the 0.6 increase recorded in April.

According to the central bank, the city-state’s total bank loans, including advances made by domestic banks, totaled to S$597.5 billion in May, up from S$591.1 billion in April, and S$587.7 billion in March.

The increase also translates to a growth of 13.0 percent from the same period last year.

Housing and bridging loans also saw an increase. From S$158.7 billion in the same period last year, May housing and bridging loans rose by 7.6 percent to S$170.7 billion. Consumer loans also rose 0.5 percent in May to S$229.1 billion, while loans to businesses increased by 1.5 percent from April to S$368.5 billion.

Meanwhile, Loans and advances in Asian currency units (ACU), or loans in currencies other than the Singapore dollar, expanded to S$515.7 billion in May from S$512.5 billion in the previous month.







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