Agreement signed for local currency transactions with China's central bank

A Memorandum of Understanding (MoU) has been signed today which allows current account transactions in local currency between China's central bank People's Bank of China and the Government of Maldives.

A statement released by the Ministry of Economic Development and Trade states that this MoU paves the path to increase investment and business opportunities between the countries through setting up a system wherein current account transactions and direct investments can be made in the local currencies of both countries.