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Singapore's bank lending continues decline for the fourth month in June

Amala Balakrishner
Amala Balakrishner8/1/2020 02:40 PM GMT+08  • 3 min read
Singapore's bank lending continues decline for the fourth month in June
June marks the fourth month of decline in Singapore’s bank lending as both business and consumer loans took a hit from the Covid-19 health-turned-economic crisis.
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June marks the fourth month of decline in Singapore’s bank lending as both business and consumer loans took a hit from the Covid-19 health-turned-economic crisis.

Total loans from the domestic banking unit – which captures lending in all currencies, but mainly reflects Singapore-dollar lending – slipped 0.7% from the previous month to $680.36 billion. This is down from the $685.3 billion disbursed in May.

On a year-on-year basis, total loans were down 1%, the Monetary Authority of Singapore (MAS) outlined on July 31. This marks the first year-on-year decline in lending since 2016.

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