The total amount of personal loans released to private individuals by banks and deposit-taking financial institutions in the Maldives has risen to MVR 9.2 billion. According to the latest financial statistics from the Maldives Monetary Authority (MMA), this marks a notable increase in loans taken by individuals for personal purposes.
Central Bank figures show that among credit released to the private sector, loans of this kind to private individuals account for the third-largest share. In that sense, the proportion of consumer loans and other loans taken to raise money for personal needs has risen sharply in recent months.
The largest share of loans released by financial institutions is still accounted for by the tourism sector and the construction industry. However, easier access to loans for private individuals alongside modern banking services is cited in the statistics as a main reason this figure has climbed so high.
Besides loans to private individuals, the level of credit released to businesses and other economic sectors is also being held at a similar level. MMA reports show that the amount of money released through the banking system to meet the financial needs of the general public has continued to rise over the course of the year.
Leave a reaction