Maldives to allow settling import payments using Chinese currency

13 Apr 2024 | 06:12
Economic Minister Mohamed Saeed

Maldives' Economic Minister Mohamed Saeed has revealed plans to introduce the use of Chinese currency, the Renminbi (RMB), for settling import payments in the country.

Speaking at a gathering on Thursday, Minister Saeed outlined the government's aim to diversify currency options away from the US dollar.

According to reports from Chinese media outlet Xinhua, Minister Saeed expressed the administration's expectation of the Maldivian Rufiyaa strengthening against the US dollar by 30 to 40 percent in the coming months.

This move is part of broader efforts to enhance the country's economic resilience and reduce dependency on a single currency.

In addition to the introduction of the RMB, Minister Saeed unveiled plans to integrate prominent global e-wallets into the Maldivian market.

These e-wallets include those from South Korea, Japan, China, the United States, Singapore, Malaysia, India, and the United Arab Emirates.

The government is set to make an official announcement regarding the integration of Alipay and WeChat into the Maldivian market on Sunday, April 14th.

This initiative aims to facilitate smoother financial transactions and enhance convenience for residents and tourists alike.

Maldives to permit use of Chinese currency for Import Payments, announces Economic Minister