Minister for Industry, Trade and Tourism Faiyaz Koya. [File Photo]

The COVID-19 pandemic has negatively impacted financial and insurance activities in the construction, manufacturing and real estate sectors.

Minister for Trade and Tourism Faiyaz Koya while speaking during the 3rd National Real Estate Conference for Agents and Salespersons says the pandemic has caused the decline of disposable incomes and Government tax collections, higher unemployment and lower foreign demand for merchandise exports.

Koya adds according to the Reserve Bank’s Economic Review for last month, commercial banks’ new lending for investment purposes declined by 24.9% last year.

He adds this is driven by lower lending to the real estate and building & construction sectors.