17 Aug '11, 1pm

Lending rates hit record low - gd news for some. #fb

SINGAPORE: Singapore's benchmark lending rates are being pushed down to record lows by global funds looking for a place to park. Analysts said the so-called hot money or unproductive funds have been pouring into the country since the US Federal Reserve said it would keep its interest rates near zero for the next two years. They said much of speculative money is destined for Singapore property. The Singapore Interbank Offered Rate (Sibor) dropped to fresh historic low on Wednesday at 0.34709 per cent, having chalked up successive falls since July. Sibor is the rate banks charge one another for short-term loans, and is used as a benchmark for retail mortgages. The hot money is coming from international investors seeking the protection of Singapore's triple-A credit rating, amid increased volatility in the US and Europe. Analysts said limitations on Singapore-dollar investmen...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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