October marks the eight month of decline in Singapore’s bank lending, following a drag in loans to businesses.

Total loans from the domestic banking unit – which captures lending in all currencies, but mainly reflects Singapore-dollar lending – came in at $675.64 billion. This is down 0.3% from the $677.46 billion disbursed in September, the Monetary Authority of Singapore (MAS) outlined on Nov 30.

October’s decline was led by a 0.7% dip in loans to businesses to $418.40 billion, from the $421.28 billion disbursed in the month before. 

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