Foreign currency deposits to Maldivian banks have declined.
According to the World Bank’s Maldives Development Update released this month, foreign currency deposits fell 1.4 percent in July this year compared to the same period last year. The report noted that the amount of usable currency available decreased due to the decline in foreign currency deposits.
Additionally, the amount of Maldivian Rufiyaa deposits in banks has also declined. While deposits in Maldivian Rufiyaa increased by eight percent last year, it slowed to a four percent increase in July this year.
Despite the decline in deposits, the report notes an increase in loans issued by banks. Personal loans increased by 27 percent and construction loans by 25 percent year-on-year, the report said.
