India, China have agreed to cooperate in paying in local currency: Maldives

The Maldives on Wednesday said both India and China have agreed to cooperate in efforts to pay for imports in their respective countries' currency instead of the US dollar, which is likely to help Male save almost 50 per cent of the annual USD 1.5 million imports bill from the two countries. Maldives' Economic Development Minister Mohamed Saeed said he met with the Indian High Commissioner Munu Mahawar two weeks ago, who in turn, said that New Delhi would support and cooperate in arranging for the settlement of import payments in Indian Rupee. Similarly, Saeed said, he received a letter from China's Commerce Ministry, two days ago, in which Beijing provided assurance it will cooperate in allowing the option to settle import payments in Yuan, the Chinese currency, as requested by President Mohamed Muizzu. Annually, Maldives imports goods worth USD 780 million and USD 720 million from India and China respectively, the minister had said in April when he had first announced that the ...