Discussions underway to pay for Indian and Chinese imports with MVR

Minister for Economic Development Mohamed Saeed has stated that discussions are underway to make payments for the two largest importers of goods to Maldives, India and China, in Maldivian Rufiyaa.

Speaking at an event held in the island of Maavah during President Dr Mohamed Muizzu's visit to Laamu atoll, Minister Saeed stated that if the ruling-party were able to secure a majority in parliament, they would be able to bring the dollar rate back down to official market values within approximately two years.

Detailing the government's efforts to achieve this, Minister Saeed noted that Maldives imports goods worth USD 780 million from India and goods worth USD 720 million from China every year. He added that they were now getting all signals that there was a possibility to make non-dollar payments for all of these massive import arrangements.

Minister Saeed went on to reveal that the government had invited the Governor of the Central Bank of China to visit Maldives and that efforts were underway to sign a currency swap agreement between the two countries. Under the agreement, even if trade facilitation will receive only half of the USD 720 million, Chinese imports can be paid for in yuan or Maldivian Rufiyaa, he said.

Similarly, Minister Saeed said the aim was to ensure that goods imported from India could also be paid for in Maldivian Rufiyaa. He added that Maldives was not a country to break ties with any other nation, and that we are a country that is open to trade.

"Even if we get just the parliamentary majority, the Maldivian Rufiyaa will strengthen by 30 or 40 percent against the dollar. What is the result? The dollar rate will fall below MVR 15.42 in the future," said Minister Saeed.

"This is what you would ask of a country's president," remarked Minister Saeed. "This is what youth would ask for."

Economic Minister Saeed went on to say that the government is working hard to bring the world's strongest e-wallet services to the Maldives. He added that under this process, representatives of Alipay and WeChat would be visiting the Maldives to explore expanding their services here.

"This is the speed of this government," said Minister Saeed during his speech. "Please give us all the parliamentary seats of the Haddhunmathi region."