Higher Level of Pawnshop Business Transactions in Singapore

CEIC Macro Watch Global - October 30, 2014 In spite of Singapore’s pawnshop business falling to SGD 5.47 billion in 2013, it comes off the back of a record year in 2012 (totalling SGD 7.07 billion) and was still the second-highest on record in a three-year run of exceptional activity. By contrast, the amount of pawnshop loans disbursed hovered in the range of SGD 1-2 billion from 1995 to 2009. The surge in pawnshop loans could be partly attributed to the rising household debt in Singapore. As of 2013, Singapore’s household debt-to-GDP ratio was at a recent high of 60.4% after rising for six consecutive years from 38.9% in 2007. The rising debt in the country’s banking portfolio and the weak economic growth might have indirectly forced Singaporeans to seek alternative ways for short-term financing. By Ying Lee Ng in Malaysia - CEIC Analyst Discuss this post and many other topics in our LinkedIn Group (you must be a LinkedIn member to participate). Request a Free Trial Subscription. Back to Blog
31st October 2014 Higher Level of Pawnshop Business Transactions in Singapore

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