Singapore’s bank lending sinks 2.2% in July

It has been falling since October 2015.

As the weak economy continue to put pressure on business, Singapore's bank lending continues to creep lower, recording a 2.2% decline in July from a year ago.

According to data from Monetary Authority of Singapore, total loans for July dipped from $610.4 billion last year to $597.23 billion.

This has been the 10th consecutive month of drops since October last year, when total loans saw a slight slip of 0.4%, from $604.4 billion in 2014 to $601.7 billion.

On a monthly basis, total loans in July saw a slight improvement of 1.1% from the previous month's $590.5 billion.

In terms of loans to businesses, general commerce saw the sharpest decline at 22% from $76.6 billion last year to $59.7 billion.

Other sectors such as manufacturing, professional & private businesses also registered slips in total bank loans.