Singapore sees softer loan growth in financial and commerce sectors

SINGAPORE (Sept 5): Singapore’s M3, including Asian currency units, saw an 8.1% y-o-y increase in July this year, easing from the 8.2% gain reported in June.

This was undermined by softer gains in private demand for credit and net foreign position, while the downside was cushioned by public demand for credit pickup.

In a Tuesday report, RHB says, “Going forward, we maintain our expectations for loan growth to slow in 2H, on account of slower economic growth during the period as well as a lull in public construction activities.”

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