Singapore July bank lending falls 0.5% m-o-m

[SINGAPORE] Singapore's total bank lending in July fell 0.5 per cent from June, due to a decline in loans to businesses, data from the Monetary Authority of Singapore (MAS) showed on Thursday.

Loans and advances by domestic banking units in the city-state amounted to S$632.6 billion last month, down from S$635.5 billion in June.

Bank lending in July rose 5.9 per cent from a year earlier.

Loans and advances in Asian currency units (ACU) fell to S$553.4 billion in July from S$555.2 billion in June. It was at S$518.2 billion a year earlier.

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

REUTERS