USA Dollar

Maldives to reduce country’s dependency on the dollar

The Maldives is implementing measures to decrease U.S. dollar transactions conducted outside the official banking system in order to prevent any shortage of dollars in the country, as reported by Maldivian media on Thursday.

Minister of Finance Mohamed Shafeeq stated in an interview with Mihaaru News that initiatives are underway to lessen the nation’s reliance on the dollar. He mentioned that the government is working towards eliminating illicit transactions by businesses.

Minister Shafeeq also highlighted the rise in dollar transactions outside the formal banking sector over recent years. Furthermore, discussions are being held with China and India, the primary importers of goods into the Maldives, to explore options for settling payments using the Maldivian currency.

Earlier this month, Minister of Economic Development and Trade Mohamed Saeed announced that Maldivians will soon have the opportunity to settle import payments using the Chinese currency, the renminbi (RMB).

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