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Singapore's bank lending in December falls

Xinhua, January 30, 2015 Adjust font size:

Bank lending in Singapore fell in December from November, according to statistics released by the Monetary Authority of Singapore on Friday.

Observers said this could be a sign of economic activity slowing down.

The total loans and advances fell to 607.96 billion Singapore dollars (497.01 billion U.S. dollars) at the end of December, down from 608.17 billion Singapore dollars at the end of November.

Total loans had risen in November from October following two months of decline.

The statistics showed that banks lent more money for the building and construction industry in December compared to November, but loans to manufacturing and for general commerce declined.

Meanwhile, credit card loans rose to 10.42 billion Singapore dollars (7.72 billion U.S. dollars) at the end of December from 10. 22 billion Singapore dollars (7.57 billion U.S. dollars) in November. Endi