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Bank lending expands for second straight month in August: MAS

Friday, September 30, 2016 - 10:47
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Bank lending in Singapore rose 1.1 per cent in August from a month ago - the same pace as in July - with both business and consumer loans gaining from July, data from the Monetary Authority of Singapore (MAS) showed on Friday.

BANK lending in Singapore rose 1.1 per cent in August from a month ago - the same pace as in July - with both business and consumer loans gaining from July, data from the Monetary Authority of Singapore (MAS) showed on Friday.

Loans through the domestic banking unit - which captures lending in all currencies but mainly reflects Singapore-dollar lending - in August stood at S$604 billion, up from S$597 billion in July.

Business loans rose 1.6 per cent in August from July, at S$357 billion. The pace was a shade slower than the 1.9 per cent expansion in July.

Consumer loans' growth also rose 0.4 per cent in August from July to S$247 billion. In July, this was flat.

From a year ago, bank lending in August was down 1.6 per cent, though this is a smaller contraction compared to that in July, at 2.2 per cent.

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