The total loans taken through various commercial banks for tourism purposes increased to MVR 12 billion.
According to Maldives Monetary Authority (MMA) statistics as of January 2023, businesses borrowed up to MVR 32 billion from various financial institutions in the country. Statistics also showed 35% of the money was borrowed by tourism industry ventures.
The money loaned to tourism sector showed an increment of 75% over the past five years. Loans to the tourism sector stood at just MVR8.5 billion in 2018. The increase in the borrowing over the period also reflected the surge in the collective bed capacity of the industry.
Maldives observed an increment of 20,000 tourist beds during this period.
Apart from tourism industry, the second highest borrowings were observed from the construction sector at MVR 7 billion. Real estate is the third highest borrowing industry with MVR 3 billion.
The smallest loans were taken out by local farmers; amounting to just MVR 6 million collectively as of January.
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