Singapore’s bank lending growth slows in October

By IANS,

Singapore : Singapore’s bank lending almost stalled in October, with the Singapore dollar lending growing by a modest 0.3 percent to 406.5 billion Singapore dollars ($312.7 billion), statistics released by the Monetary Authority of Singapore showed.

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This is in comparison with the growth of 3.1 percent for September, local daily Business Times said Thursday.

Business loans shrank by 0.1 percent to 233.3 billion Singapore dollars ($179.5 billion), reported Xinhua.

Analysts said they expected the bank loan growth to slow further in 2012. The government warned last week that the Singapore economic growth is expected to slow sharply to just 1-3 percent next year and could stall if the developed economies slide into recession.