Singapore’s bank lending modestly rises in November, pace remains slower than before

Total lending by Singaporean commercial banks modestly rose during the month of November, albeit at a slower pace than before, following rise in general commerce loans. However, growth in business and consumer lending eased, pressuring the rate of growth.

Singapore total bank lending in November rose 0.4 percent from October, due to a rise in general commerce loans, central bank data showed on Friday, data released by the Monetary Authority of Singapore (MAS) showed Friday.

Loans and advances by domestic banking units in the city-state amounted SGD610.6 billion last month, up from to SGD608.0 billion in October. November bank lending rose 1.1 percent, from a year earlier. Moreover, Loans and advances in Asian currency units (ACU) rose to SGD539.4 billion in November from SGD528.9 billion in October

In addition, business loans rose 0.7 percent in November from October, at SGD361 billion. Consumer loans' growth stood 0.1 percent higher in November from a month ago, at SGD250 billion.

Meanwhile, USD/SGD traded at 1.44, down -0.13 percent at 4:15GMT.