Bank of Maldives (BML) has stated the repayment amounts of all loans will be reduced by 20% for 6 months after the moratorium.
Speaking at the press conference of National Emergency Operations Centre (NEOC), Spokesperson of BML Mohamed Saeed said customers can apply for loan moratoriums starting from tomorrow, adding the payments can be deferred until September 2020. Saeed said the bank has issued loans to over 55,000 customers and all customers apply for the process. He said the bank considered the international accountancy bodies and other banks in order to set the moratorium. Clarifying doubts on what will happen to the already settled payment for March, Saeed said the amount will be reimbursed to respective customers.
BML stated it considers supporting the Maldivian economy and customers and considers the customers before any decision is made. The policy applies to all personal, housing and business loans.
Following the economic regression due to COVID-19, BML has announced a 6-month moratorium without interest charges for the period.