Government to study effects of car loan curbs
The Government would be carrying out a research to see how the car loan curbs affect the dealers and buyers before they decide whether to alter the ruling. Mr Lawrence Wong, the Acting Minister for Culture, Community and Youth said so in Parliament on Monday. The statement was in response to a question asked by Member of Parliament (Mountbatten) about how the recent car loan curbs have affected the people. . Mr Wong also said that it is worth noting that there is only a month's worth of data, since the restrictions were put in place on the 26th of February. Mr Wong said that the government would “ continue to monitor developments in the COE market and we will recalibrate our financing restrictions for all cars new and old in response to market conditions in particular if there is a sustained moderation in COE prices"
He also added that the lifting of restrictions is temporary and it is highly unlikely that it would be extended past the 60 day period as the authorities are confident that the 2 month restriction lift would be more than sufficient to clear the majority of the present inventory.
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