Total bank-lending in the city-state rose month-on-month in July 2015 on the back of stronger demand for housing loans and from the general commerce sector, revealed data from the central bank on Monday.
Loans and advances by domestic banks amounted to $610.4 billion last month, up 0.6 percent from $606.8 billion in June. According to the Monetary Authority of Singapore (MAS), the rate of monthly growth in July was lower than the 1.6 percent increase in June, which was boosted by construction loans.
Meanwhile, bank lending in July grew 2.2 percent from $597.4 billion in the same period last year.
Housing and bridging loans rose from $180.3 billion in June to $181.6 billion last month. These loans grew by about 5.2 percent from $172.6 billion last year.