Minister of Economic Development and Trade Mohamed Saeed has announced that collaborations with China and India are expected to enhance the value of the Maldivian Rufiyaa (MVR).
Speaking to PSM News, Minister Saeed highlighted that China imports approximately USD700 million worth of goods annually from the Maldives. Similarly, he said that India's imports from the Maldives amount to USD1.5 billion each year.
Additionally, Minister Saeed mentioned ongoing discussions to facilitate payments in Chinese and Indian currencies through Maldivian banks. He also said that the initiative aims to reduce the dependency on United States Dollars (USD) for importing goods, thereby strengthening the MVR.
Furthermore, Minister Saeed said that the Maldives has recently introduced China's WeChat Pay service via the Bank of Maldives (BML). He said that the upcoming launch of India's RuPay service is anticipated to further bolster the MVR. He also emphasised that addressing the dollar issue and reinforcing the MVR is a top priority for the current administration.