Maldives to permit Chinese currency for import payments

Economic Minister Mohamed Saeed. (Photo/President's Office)

Economic Minister Mohamed Saeed states Maldives will soon permit using Chinese currency to settle import payments.

Chinese media outlet Xinhua said Minister Saeed told at a gathering on Thursday that Maldives will soon have the option to settle their import payments using Chinese currency, the Renminbi (RMB).

Citing the Minister, the media said the government's objective is to diversify its settling currency from US dollar, adding that the administration expects Maldivian Rufiyaa to strengthen against US dollar by 30 to 40 percent in the coming months.

The Minster reportedly unveiled plans to introduce prominent global e-wallets to the Maldives, including those from South Korea, Japan, China, the United States, Singapore, Malaysia, India, and the United Arab Emirates.

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