The Maldives is set to enhance its international trade framework by allowing the settlement of import payments using the Chinese currency, the renminbi (RMB). Maldivian Minister of Economic Development and Trade, Mohamed Saeed, announced on Thursday that this new payment option will soon be available to Maldivian businesses.
This move is expected to streamline trade processes between the Maldives and its trading partners, particularly China, fostering stronger economic ties and facilitating smoother transactions. By adopting the renminbi, the Maldives aims to reduce dependence on traditional currencies and leverage the growing influence of the Chinese economy in global markets.
Businesses in the Maldives will now have the flexibility to choose RMB for their import transactions, potentially lowering transaction costs and improving financial efficiency. This initiative aligns with the Maldives' broader strategy to diversify its economic relations and tap into emerging markets.
The introduction of RMB settlements is also seen as a step towards greater financial integration in the region, supporting the Maldives' goal of becoming a more competitive and resilient economy in the face of global economic shifts.
Reference(s):
Maldives to allow settling import payments using Chinese currency
cgtn.com
