Governor: Bank loan issuance rises to MVR 20 billion

Governor of Maldives Monetary Authority (MMA), Dr. Azeema Adam has announced that loans issued by banks have increased by 16 percent, with the amount rising to MVR 20 billion.

Speaking during the inauguration of Commercial Bank of Maldives at Hotel Jen this Monday morning, Dr. Azeema said that the financial industry of the country was developing at a fast pace.

Announcing statistics collected by MMA, Azeema said that asset base of banks had increased by an average of 13 percent, with additional increased in deposits and reserves. She said that profit to the banks by 17 percent.

“Development of Maldivian financial industry is good now. We are positive in our forecast.

Loans issued by banks have increased by 16 percent, with the amount rising to MVR 20 billion. This shows the economic development to the country. And this is the secret behind the development of this industry,” said Azeema.

She stressed the importance of increasing competitiveness within the financial industry, as well as integrating the latest technology into the financial services provided to customers.

Azeema also talked about the importance of increasing confidence in the financial industry of

the country among the public.

She said that ensuring the security of financial services and maintaining customer confidence wasn’t just some rule by the government that financial institutions needed to follow, but was vital for the wellbeing of the people of the country and the future of the financial industry.

Azeema pledged to make the necessary changes to ensure the transparency and integrity of financial transactions by the banks, and develop the financial industry of the country.