Banks and financial institutions have issued loans worth MVR 40 billion to private businesses and individuals, according to statistics from the Maldives Monetary Authority (MMA).
According to the central bank's January statistics, MVR 40 billion had been issued as loans and advances by the end of December.
Most loans were issued to businesses in the tourism industry and the construction industry.
Loans to industries (as of December 2023)
- Tourism - MVR 12.4 billion
- Construction - MVR 7.7 billion
- Personal loans - MVR 5.7 billion
- Businesses - MVR 4.8 billion
- Transport and Communications - MVR 3.7 billion
According to MMA figures, loans worth MVR 13.9 billion were issued in the past five years with the highest amount in 2023. Loans worth MVR 4.6 billion were issued last year.
Total value of loans issued over five years
- 2019 - MVR 1.9 billion
- 2020 - MVR 2.8 billion
- 2021 - MVR 2.3 billion
- 2022 - MVR 2.1 billion
- 2023 - MVR 4.6 billion
During this period, most loans were issued for the tourism industry. Loans worth MVR 3.9 billion were issued to tourism businesses over five years.
Personal loans issued over the period amount to MVR 3.5 billion. Despite an increase in loans issued to most sectors, loans for the manufacturing sector had declined.
