Maldives Set to Accept Chinese Currency for Import Payments, Economic Minister Announces

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The Maldives is poised to introduce the use of the Renminbi (RMB) for settling import payments, as announced by Minister for Economic Development & Trade Mohamed Saeed.

According to reports from Chinese media outlet Xinhua, Minister Saeed on Thursday unveiled plans to allow Maldivian businesses the option to utilize the Chinese currency for import transactions and highlighted the government’s objective to broaden the range of currencies accepted for settling imports, aiming to reduce dependence on any single currency.

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The Minister expressed optimism that this diversification strategy would strengthen the Maldivian Rufiyaa against the US dollar by an impressive margin of 30 to 40 percent in the coming months.

Furthermore, Minister Saeed outlined plans to integrate globally recognized e-wallets into the Maldivian market. Among the prominent digital payment platforms slated for introduction are those from South Korea, Japan, China, the United States, Singapore, Malaysia, India, and the United Arab Emirates.

Of particular note, the government is poised to make an official announcement on Sunday, April 14th, regarding the integration of Alipay and WeChat Pay into the Maldivian financial landscape. This move is anticipated to streamline payment processes for both residents and tourists, enhancing convenience and accessibility in the archipelago nation.

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