Minister of Economic Development and Trade Mohamed Saeed has underscored efforts are underway to increase the value of Maldivian Rufiyaa (MVR) compared to US dollars (USD). He made the remarks while speaking at the signing ceremony of the agreement with Dubai-based company International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.
Speaking at the ceremony, Minister Saeed emphasised ongoing efforts to strengthen the economy and financial sector. He addressed the challenges in the foreign exchange market and outlined strategies for resolution.
Additionally, Minister Saeed reiterated commitment to increase the value of MVR compared to USD by collaborating with prominent global markets. Highlighting engagements with key players like China and India, he affirmed expectations for outcomes from these endeavors within the upcoming five-year period.
A Maldivian government delegation also plans to visit the US and the United Kingdom (UK) in July with the goal of gaining valuable insights from their advanced financial markets. The primary focus will be on bolstering financial technology infrastructure, with a special emphasis on leveraging US assistance to strengthen the Maldives Fintech system.