Bank Lending in Singapore Inches up 1.1% in August
Bank lending in Singapore expanded as the same pace in July. This is according to the latest data by Monetary Authority of Singapore which indicated that overall bank lending increase by 1.1% in August from $597 billion to $604 billion.
Consumer loans rose to S$246.5 billion in August, up by 2.6% from the same month last year. The increase in mortgages, credit card interest payments and shares financing help to lift up the consuming lending.
News Source: Reuters
About Monetary Authority of Singapore
Monetary Authority of Singapore (MAS) is Singapore’s central bank, which was formed back on 1 January 1971. It promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. MAS manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. It is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange.
- Origin : Singapore
- Assets : USD 385.12 billion
- Revenue : USD 1.89 billion
Official Website: www.mas.gov.sg
News & Media: Press Release
Updated on 8th August 2016