Board of Directors of national bank, Bank of Maldives has approved the decision to reduce bank loan interest rate.
BML said that exact percentage loan interest rate will be reduced to will be revealed the coming week.
The bank now takes 11 to 18 percent as loan interest.
In a statement released by BML, CEO and Managing Director of the bank Andrew Healy said that the reduction in loan interest rate would be beneficial to individuals who want funding to buy houses or construct buildings.
Healy said that he was happy the bank’s finances had improved enough for their customers to be able to enjoy a lower loan interest rate.