Minister of Economic Development and Trade Mohamed Saeed has announced that Maldivians will soon have the option to settle their import payments using Chinese yuan. He made the announcement during a gathering with Maavah residents as part of President Dr. Mohamed Muizzu's visit to Laamu Atoll.
Speaking at the gathering, Minister Saeed outlined the government's objective to transition from the United States (US) dollar rate to the official rate within a span of two years. Emphasising the commitment of the Maldives to trade, he highlighted the current trade volume of USD720 million with China and USD780 million with India. He expressed the government's aim to facilitate payments for imports in Maldivian Rufiyaa from various countries worldwide.
Additionally, Minister Saeed projected a 30% to 40% strengthening of the Maldivian Rufiyaa against the dollar. He also anticipated a rate below 15.42 as a result.
Furthermore, Minister Saeed expanded on future financial infrastructure. He expressed aspirations to introduce prominent global e-wallets to the Maldives, including those from Korea, Japan, China, the US, Singapore, Malaysia, India, and the United Arab Emirates (UAE). He also mentioned an upcoming official announcement scheduled for April 14 regarding the integration of Alipay and WeChat into the Maldivian market.