There has been a 7% rise in the value of loans released by banks to individuals where MVR 23.1 billion worth of loans were issued during the first quarter of 2019.
According to the Quarterly Economic Bulletin released by the Maldives Monetary Authority (MMA), majority of the loans were issued to the tourism industry accumulating to 37% of the total amount of loans while the overall value is a 7% increase compared to the first quarter of 2018.
Referring to the other industries, 22% of loans were issued to the construction industry which might have caused due to the increase in the number of loans given to individuals to build their homes where 9% of loans were personal loans which is a 17% rise compared to 2018.
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