The amount of loans extended by banks to individuals has increased, according to the July Economic Update published by the Maldives Monetary Authority (MMA).
According to the MMA’s May 2026 Economic Update, the growth in loans and other financing extended by commercial banks to individuals stood at 14 oercent. By the end of June, this had increased to 15 percent.
Credit extended to key sectors of the economy, including construction, personal-use loans, tourism and businesses, also increased in June 2026. The largest increase during the period was recorded in the construction sector, which saw an annual growth of 48 percent.
The report shows that tourism continues to account for the largest share of credit extended by banks, representing 32 percent of total credit.
The main factor behind the annual increase in credit extended to the construction sector was higher financing for various types of construction projects. This included loans provided for residential housing and housing-related projects.
In the tourism sector, the increase in credit was attributed to higher financing for the development of new resorts, guesthouses, as well as the renovation and development of existing resorts, according to the report.