Singapore's bank lending slowed for the sixth month in August

August marks the sixth month of decline in Singapore’s bank lending as both business and consumer loans took a hit from the weakness in the economy.

Total loans from the domestic banking unit – which captures lending in all currencies, but mainly reflects Singapore-dollar lending – slipped 0.1% from the previous month to some $678 billion in August. This is down from the $678.7 billion disbursed in July.

On a year-on-year basis, total loans were down 1.0%, the Monetary Authority of Singapore (MAS) outlined on September 30. This marks the third consecutive year-on-year decline in lending.

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