Singapore's bank lending edges down in April following drop in credit card loans

  • May 29, 2020
  • The Edge Markets

SINGAPORE (May 29): Bank lending in Singapore fell for the second consecutive month in April, with consumer loans falling sharper than business loans amid disruptions from the “circuit breaker” measures which kicked off on April 7.

Total loans slipped 0.4% month-on-month to S$689.7 billion in April, from the S$692.4 billion disbursed in March. Still, this is a 2% increase from the lending a year ago, the Monetary Authority of Singapore (MAS) outlined on Friday.

The decline was heralded by a 0.9% drop in consumer loans to S$255.9 billion in April, from S$258.2 billion in March. 

“With the start of the circuit breaker to combat Covid-19, this has exerted a significant dampening effect on private consumer spending and in turn consumer loans as well,” observed Selena Ling, head of treasury research and...(click on link for full story on theedgesingapore.com)


TOPICS IN THIS ARTICLE