Loans up by 17 percent, now at 20 billion: Governor

  • This is the time to create trust in sector
  • Sector shows promising outlook
  • Bank profits up by 17 percent

Central Bank, Maldives Monetary Authority (MMA) Governor Dr. Azeema Adam says the loans issued by the banks had increased by 17 percent to MVR 20 billion, adding that this showed a rapid growth in the financial sector.

Speaking in the opening ceremony of Commercial Bank of Maldives (CBM), the Governor said that Maldives had been able to overcome the detrimental effects of the global economic crisis and is now on a positive growth path. She said the statistics show the asset bases of banks show that a 13 percent growth, with assets and deposits growing as well. Due to this, Dr. Azeema said that bank profits had also increased by 17 percent. She said this showed the economic progress for the whole nation.

Dr. Azeema said a large majority of the newly opened bank was owned by Maldivians, ensured a positive growth to the economy. She added that the other shareholder of the bank was the Commercial Bank in Sri Lanka and said that there was no doubts about the bank's credibility. She said she was sure the bank will become a successful venture in the Maldives.

Dr. Azeema said while the sector was progressing at a rapid rate, sustainable efforts must be carried out to further strengthen the sector.

Opening the sector to more competitors would facilitate this growth, she said. Dr. Azeema said that banks needed to introduce new instruments, new technologies to the market to broaden their services across the nation and to all Maldivians.

Dr. Azeema stressed that trust building in the sector was vital to the development of the sector, noting this was the time to do so. She said this was a responsibility that fell on all.

Dr. Azeema assured that MMA will introduce more measures to ensure development, trust, transparency and integrity into the banking system.