President Mohamed Muizzu has ordered the Bank of Maldives (BML) to reduce the interest rates on loans issued for the Hiya tower apartment finishing work and the purchase of apartments from Vinares towers.

In a post on social media X, Muizzu said he had discussed with BML to seek concessions on these loans. He said they discussed reducing the interest rate on 535 loans issued for Hiya apartments from 12 percent to 10 percent and facilitating the repayment of loans to those who have defaulted.

He said they also discussed reducing the interest rate on loans for the purchase of Vinares flats from nine percent to eight percent.

“The Bank of Maldives has informed us that it is possible and I have asked the bank to do this in accordance with the rules,” Muizzu wrote in his post.

While Muizzu today asked BML to reduce the interest on the loans taken to complete the Hiya flats, on December 5, 2023, the government deducted MVR 200,000 from the rent of Hiya flats in order to cover the tenants' burden of completing the finishing work.

The money was deducted from the rent payable until 2030 at a certain percentage each month.