Commercial banks in the Maldives have increased the number of loans issued for construction sectors.
According to the Quarterly Economic Bulletin released by the central bank, Maldives Monetary Authority (MMA) for the second quarter of this year, an 18 percent increase has been recorded in loans disbursed for construction and related sectors compared to the previous year.
In this regard, the amount of loans issued for resort renovation and residential or housing projects saw an increase. However, loans issued for real estate projects and guest house construction projects declined.
Despite the increase in loans for the construction, imports of construction-related goods have dropped. According to MMA, import of construction-related goods has declined by 16 percent over the previous year.
