Private sector credit grows 19.1% as construction lending jumps 53.6%

Private sector credit growth accelerates to 19.1% as construction lending jumps 53.6%

Commercial bank lending to the private sector reached MVR 43.49 billion in September, with construction loans rising 53.6% year-on-year to MVR 9.95 billion.

Mohamed Hilmy

07 November 2026, 12:34

Credit extended by commercial banks to the private sector grew 19.1% year-on-year in September, with lending to the construction sector recording particularly strong growth, according to the latest data from the Maldives Monetary Authority (MMA).

Total loans and advances to the private sector reached MVR 43.49 billion at the end of September, increasing by MVR 1.24 billion from the previous month. Annual credit growth accelerated from 18.3% in August to 19.1% in September. MMA said construction, tourism and personal loans made the largest contributions to the annual increase.

Commercial bank lending to the construction sector rose to MVR 9.95 billion, an increase of 53.6% compared with September 2025. Construction lending was also 3.7% higher than in August.

Tourism remained the largest recipient among the major sectors, with loans reaching MVR 14.26 billion in September. Lending to the sector increased 10.6% year-on-year and 3.6% from the previous month.

Personal loans stood at MVR 9.29 billion, up 12.6% from a year earlier and 0.4% from August.

The September figures show that private sector credit growth continued to strengthen, with the sharp expansion in construction lending becoming a major driver of the increase.

Private sector credit growth accelerates to 19.1% as construction lending jumps 53.6%

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