On a year-on-year basis, total loans were down 1%, the Monetary Authority of Singapore (MAS) outlined on July 31. This marks the first year-on-year decline in lending since 2016.
June marks the fourth month of decline in Singapore’s bank lending as both business and consumer loans took a hit from the Covid-19 health-turned-economic crisis.
Total loans from the domestic banking unit – which captures lending in all currencies, but mainly reflects Singapore-dollar lending – slipped 0.7% from the previous month to $680.36 billion. This is down from the $685.3 billion disbursed in May.
