Bank of Maldives BML says the bank has the capability to shoulder the economy right now as the country’s fight against Covid-19 pandemic takes a toll on the public and private sector.

Speaking to the media, BML’s public relations Manager Mohamed Saeed said the bank always worked in the best of interest of its depositors and it strived to work within the regulations set by international as well local financial regulators. He said the bank was working tirelessly with the government to lessen the burdens of its customers and also revive the economy by helping the government implement it’s financial recovery plan.

Saeed said BML is issuing a debt moratorium for 55000 of it’s customers with existing loan repayments and that the Bank has designed it in a way that suits most of its customers.

Explaining further, Saeed said customers can apply for deferment for any personal, housing and business loans from BML. He said once the deferment is activated customers would not have to make any payment to the bank for the first six months although a simple interest would be charged for the period.

He said for the next 6 months customers have to pay only 20 percent of the current monthly repayments and the interest charge for the first six months would be added to the outstanding loan amount and spread over the remaining period of the loan.

Saeed advised those unaffected by the Covid-19 crisis not to activate the debt moratorium and continue making their monthly payments as per the loan repayment schedule.