Singapore’s banking sector saw a minor decline in lending figures for July 2024, according to newly released data. Total bank lending decreased to SGD 801.2 billion, down from SGD 803.6 billion in June 2024.This subtle drop represents a 0.3% decrease from the previous month, as reported by the Monetary Authority of Singapore. The slight dip in July marks the first decline in bank lending this year, with stability being observed in most prior months.The updated figures, released on August 30, 2024, will lead analysts and policymakers to closely monitor the lending trends for the coming months, seeking to determine whether this decline points to a broader economic shift or is merely an anomaly in an otherwise stable lending environment.The material has been provided by InstaForex Company – www.instaforex.com
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