Minister of Economic Development and Trade Mohamed Saeed has stated that the currency settlement between the Maldives and China will play a pivotal role in reducing the dependency on dollars and appreciate the Maldivian currency, Rufiyaa (MVR). Maldives signed of a Memorandum of Understanding (MoU) with the People's Bank of China (PBOC) today, to establish a framework for current account transactions and direct investments in their respective currencies.
Speaking to PSM News regarding the signing of the MoU, Minister Saeed remarked that the initiative will bring a transformative change to the Maldives. The minister stated that it will notably progress the efforts of creating a green environment for traders and businesses, noting that this was a significant accomplishment President Dr. Mohamed Muizzu accomplished within a short period of time. He affirmed that the agreement is expected to rapidly expedite works pertaining to the agreement.
Emphasising that the agreement will assist in reducing the dependency on dollars and appreciate the local currency, Minister Saeed stated that this was a huge step forward for a small country like the Maldives. The minister reiterated President Dr. Muizzu’s vision of enhancing economic openness and fortifying trade relations with key international partners, ensuring that efforts are underway to complete these objectives.