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Singapore March bank lending down as general commerce, financial loans drop

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Loans and advances by domestic banks in the city-state amounted to S$590.6 billion in March, data from the Monetary Authority of Singapore showed, down from S$596.2 billion in February.

[SINGAPORE] Singapore's total bank lending in March fell from February due to declines in loans to general commerce and financial institutions, central bank data showed on Friday.

Loans and advances by domestic banks in the city-state amounted to S$590.6 billion in March, data from the Monetary Authority of Singapore showed, down from S$596.2 billion in February.

March bank lending slid 1.7 per cent from the year-earlier level of S$601.1 billion.

Housing and bridging loans in March edged up to S$185.4 billion from February's S$185.3 billion. Those loans totalled S$179.1 billion in March 2015.

Loans and advances in non-Singapore Asian currencies (ACU) totalled S$515.7 billion in March, down from S$533.0 billion in February.

REUTERS