Economic Minister Fayyaz Ismail has stated the Central Bank, Maldives Monetary Service (MMA)'s, Governor Ali Hashim needs to focus on reforming the financial sector instead of criticising the government's policies.

Minister Fayyaz made the comments at the ongoing Tourism Forum at Addu City, while speaking about the increasing interest rates of commercial bank loans.

"I would like to call on the Governor and the commercial banks in Maldives to revise their current policies. The Governor should not just criticise the government policies. Instead, please work on reforming the financial sector and get the banks in order. Banks need to cut down their interest rates and security on their loans," he said.

Minister Fayyaz added that potential businesses cannot thrive due to the loan criteria set by banks, even if the Government provides land to the up and coming businesses. He further added that the financial sector should be reformed to bring down the current loan interest rates set by banks.

"This can be done under international treaties. We do not need to be setting loan criteria so high," Fayyaz said.