December 29, 2017 / 2:33 AM / a year ago

Singapore November bank lending rises 7.1 pct y/y

SINGAPORE, Dec 29 (Reuters) - Singapore’s total bank lending in November rose from a year earlier, on the back of increased lending to financial institutions and a rise in housing and bridging loans.

Loans and advances by domestic banking units in the city-state amounted to S$653.7 billion ($488.97 billion) last month, up 7.1 percent from S$610.6 billion in November last year.

Total bank lending in November rose 0.6 percent from the previous month. In October, bank lending stood at S$649.6 billion.

Singapore’s housing and bridging loans stood at S$199.3 billion in November, up from S$191.2 billion a year earlier. Loans to financial institutions totalled S$100.2 billion in November, up from S$79.6 billion a year earlier.

Loans and advances in Asian currency units (ACU) rose to S$585.2 billion in November from S$539.4 billion a year earlier.

The ACU market refers to loans denominated in currencies other than the Singapore dollar. ($1 = 1.3369 Singapore dollars) (Reporting by Masayuki Kitano; Editing by Subhranshu Sahu)

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