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Bank deposits decrease in Q3, 2022

Lamya Abdulla
03 December 2022, MVT 21:10
(FILE) Person taking Maldivian money out from a wallet: MMA believes foreign deposits have decreased as the cost of importing has increased -- Photo: Ahmed Awshan Ilyas
Lamya Abdulla
03 December 2022, MVT 21:10

Money deposited in Maldivian banks have decreased by 10 percent in the third quarter of the year.

Statistics disclosed by Maldives Monetary Authority (MMA) shows that foreign currency deposits saw a 76 percent decrease from money deposited in banks. The foreign currency most often deposited in Maldivian banks is the US Dollar. MMA said that they believe it is probable that deposits have decreased due to the increase in cost of importing goods.

Even though the money deposited has decreased, money borrowed have increased to MVR 32.5 billion, an increase by two percent. The money lent to private sectors in loans and credit amount to MVR 28.3 billion.

The money borrowed by the private sector had increased in the third quarter compared to the previous quarter. However, the overall borrowing in 2022 had seen a decrease in one percent compared to 2021.

Tourism sector and the constructing industry were the top borrowers in this quarter. Loans given to the tourism industry amounted to 38 percent with most being utilized for resort renovations and resort development.

Apart from tourism and construction sectors, loans had been given for private purposes and businesses as well. Even though the borrowed amount was lower, the number of borrowers had increased significantly. Credit card loans have also increased by 27 percent.

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