Credit extended by commercial banks to the private sector continued to strengthen in September, rising 19.1 percent year-on-year as lending to construction, tourism and individuals recorded notable growth, according to the latest data from the Maldives Monetary Authority.
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 August. Annual private sector credit growth accelerated from 18.3 percent in August to 19.1 percent in September, reflecting continued expansion in financing activity across key areas of the Maldivian economy.
The construction sector recorded the strongest growth, with commercial bank lending reaching MVR 9.95 billion. This represented a sharp 53.6 percent increase compared with September 2025, while lending to the sector also rose 3.7 percent from the previous month. The strong expansion in construction financing reflects continued activity in infrastructure, housing, commercial development and other investment projects across the country.
Tourism remained the largest recipient of bank financing among the major economic sectors, with outstanding loans reaching MVR 14.26 billion in September. Lending to tourism increased 10.6 percent year-on-year and 3.6 percent compared with August, highlighting sustained investment in the country’s most important economic industry. Continued access to financing supports resort development, refurbishment, expansion of tourism facilities and improvements to services, helping strengthen the Maldives’ position as a leading global tourism destination.
The tourism sector continues to play a central role in generating foreign currency earnings, employment and wider business opportunities, while ongoing investment in resorts and tourism-related infrastructure supports the Government’s broader efforts to strengthen economic growth and expand high-value tourism offerings across the country.
Personal loans also increased during the period, reaching MVR 9.29 billion at the end of September. This was 12.6 percent higher than a year earlier and 0.4 percent above the level recorded in August.
The latest figures indicate that private sector credit growth is gaining momentum, with construction emerging as a particularly strong driver while tourism continues to account for the largest share of financing. The expansion in lending across these sectors reflects continued business activity and investment in key areas supporting the Maldives’ economic development.
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