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Singapore business loans fall further in May amid downturn

02 Jul 2020 09:00

By Natalie Choy

BUSINESS loans in Singapore extended its slide in May, mainly dragged down by weaker loans to financial institutions and general commerce, fresh data from the Monetary Authority of Singapore showed on Tuesday.

On a month-on-month basis, loans to businesses fell 0.7 per cent to S$430.6 billion in May to mark the second consecutive month of decline amid the economic downturn.

Loans to financial institutions were down 2.2 per cent to S$103.5 billion from a month ago, while loans to general commerce fell 2.7 per cent to S$65.6 billion.

The manufacturing industry also contributed to the fall, with loans to the sector down 0.9 per cent to S$28.8 billion in May. Meanwhile, loans to others inched down 0.4 per cent to S$35.1 billion over the same period.

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Source: Business Times

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