According to the latest statistics from the Maldives Monetary Authority (MMA), commercial bank credit to the private sector saw a 14 percent increase in March compared to February this year. This growth in credit was observed across key economic sectors, including tourism, construction, commerce, and real estate, with the tourism industry experiencing the most substantial expansion. Accounting for 34 percent of the total credit portfolio, the surge in tourism-related lending was primarily driven by increased financing for the development of new resorts and the renovation of existing properties. Furthermore, a significant portion of the loans issued by the Bank of Maldives consists of foreign currency disbursements specifically directed toward the tourism sector.
