Consumer loans dive in April as circuit breaker kicks in

Analysts note that circuit-breaker measures had larger negative impact on consumer loans than business loans

Published Fri, May 29, 2020 · 09:50 PM

Singapore

CONSUMER loans in Singapore continued to dive in April, with credit card loans clocking their steepest fall on record as the Republic's circuit breaker took effect on April 7, keeping people at home and most retail outlets shut, according to the latest data from the Monetary Authority of Singapore (MAS).

Economists noted that the slide in consumer loans will likely persist in May, with recovery to be seen only when retail shops, property and car showrooms open.

In April, consumer loans fell 0.9 per cent from the month before to S$255.89 billion - slightly better than the 1.4 per cent contraction in March. However, its plunge of 3 per cent on a year-on-year basis marks i…