Bank of Maldives Issues MVR 1 Billion Loans in Pandemic

Bank of Maldives has revealed that the bank has issued loans worth MVR 1.2 billion to various sectors of the economy during the financial downturn in the pandemic.

CEO and Managing Director of BML, Tim Sawyer stated that assistance is being provided on the recovery scheme fund for resorts and guesthouses under the recovery plan initiated by the government. In fact, until last month, 397 loans with a value of MVR 769 million has been approved. This includes resorts and guesthouses with a turnover of over MVR 10 million.

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“Until August, USD 4.5 million and MVR 125.29 million have been issued as short-term finance. Further, MVR 400 million have been issues as working capital to businesses,” said Tim Sawyer.

Bank of Maldives has also opened deferment of payment of loans and financing for the second time. The bank informed that this opportunity is opened of those who have already requested a deferment. And to solve the dollar shortage in the country, BML is prioritising the most important matters when issuing dollars.

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