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Slowdown in bank lending highlights economy’s challenges

PC Lee Published on Wed, Aug 31, 2016 / 11:44 AM GMT+8

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SINGAPORE (Aug 31): Singapore’s bank lending continues to creep lower, with total loans down 2.2% in July from a year ago.

Data released on Wednesday by the Monetary Authority of Singapore show total bank loans outstanding fell to $597.2 billion in July, compared with $610.4 billion in the same month last year.

The slower pace of lending by banks reflects a lack of optimism over an economy that has stayed in the doldrums in recent quarters.

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