Bank of Maldives (BML) has revealed that as of now, the bank has issued MVR 6.5 billion in loans this year.
In a statement responding to claims by opposition Maldivian Democratic Party (MDP) that BML is financing the 206 projects government awarded to 53 private companies in contravention of banking policies, BML retorted that the bank makes significant investments towards Maldives' development and community empowerment.
BML asserted that in reaching this goal, the bank acts in compliance with governance frameworks and international standards set to ensure the long-term protection of the rights of depositors, shareholders, and other stakeholders.
By the end of this year's third quarter, the bank's total loan portfolio has reached MVR 23.7 billion, with MVR 6.5 billion having been newly issued within the year, BML stated.
Details of loans issued by BML to date
- Tourism: MVR 8.71 billion
- Private individuals: MVR 5.34 billion
- Housing and construction: MVR 5.09 billion
- Transport and communication: MVR 2.40 billion
- Businesses: MVR 1.04 billion
- Other areas: MVR 1.11 billion
BML stated that this data reflects adherence to risk threshold standards in loan issuance across multiple areas.
