Singapore bank lending up 0.2% in Feb on business loans: MAS data

DRIVEN by higher business loans amid the virus outbreak that began late January, bank lending in Singapore inched up 0.2 per cent in February from a month ago, fresh preliminary data from the Monetary Authority of Singapore showed on Tuesday.

Loans through the domestic banking unit – which captures lending in all currencies, but reflects mainly Singapore-dollar lending – stood at S$692.85 billion in February, compared with S$691.15 billion in January. Business loans were up 0.6 per cent from January to S$430.91 billion, boosted by a rise in loans to financial institutions, manufacturing, general commerce, business services as well as the transport, storage and communication sector.From a year ago, total lending rose 3.1 per cent.

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