Banks and financial institutions have issued MVR 40 billion worth of loans to private businesses and individuals, according to the Maldives Monetary Authority (MMA)’s Monthly Statistics report for January.

According to the statistics, loans and advances stood at MVR 40 billion as of December 2023. The largest number of loans were disbursed to businesses in the tourism industry — MVR 3.9 billion was disbursed to tourism businesses over five years. The second largest number of loans were to construction businesses.

The value of loans issued in all sectors had also increased significantly with only the manufacturing sector seeing a dip in loans outstanding, the MMA outlined.

Loans to various industries, as of December 2023, stood at;

SectorTotal Loan Amount in MVR
Tourism12.4 billion
Construction7.7 billion
Personal Loans 5.7 billion
Business4.8 billion
Transport and Communications 3.7 billion

According to MMA data, loans worth MVR 13.9 billion have been disbursed in the past five years. The highest number of loans disbursed during this period was last year with loans disbursements worth MVR 4.6 billion.

Total value of loans disbursed through the years stood at;

YearTotal Disbursed in MVR
20191.9 billion
20202.8 billion
20212.3 billion
20222.1 billion
20234.6 billion