Maldives to allow settling import payments using Chinese currency

COLOMBO - Maldivian Minister of Economic Development and Trade Mohamed Saeed has said that Maldivians will soon have the option to settle their import payments using Chinese currency, the renminbi (RMB).

Saeed told a gathering on Thursday that the government's objective is to diversify its settling currency from the US dollar, adding that they expect the local currency Maldivian Rufiyaa to strengthen against the US dollar by 30 to 40 percent in the coming months.

He said the government also 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 minister said that on April 14, the government will make an official announcement on the integration of Alipay and WeChat into the Maldivian market.