Governor Ali Hashim has stated that the state is working towards introducing another foreign currency in the Maldives to decrease the demand for USD.
Speaking at the parliamentary committee meeting, Governor Ali Hashim said that the state is preparing to introduce another foreign currency for goods import trade, and it could be possible to use Indian Rupees or Chinese Yuan.
Governor added that discussions are ongoing for this, and the exchange of currency should result in making a balance of trade.
Governor also stated that many countries have a policy of using their currency at the trade, which is being followed in many countries as well, and following them will minimize the demand for USD.
As per the records of the Maldives Monetary Authority (MMA), at the peak of 2019, 250 million USD was in demand for the trade.
Speaking at the parliamentary committee meeting, Governor Ali Hashim said that the state is preparing to introduce another foreign currency for goods import trade, and it could be possible to use Indian Rupees or Chinese Yuan.
Governor added that discussions are ongoing for this, and the exchange of currency should result in making a balance of trade.
Governor also stated that many countries have a policy of using their currency at the trade, which is being followed in many countries as well, and following them will minimize the demand for USD.
As per the records of the Maldives Monetary Authority (MMA), at the peak of 2019, 250 million USD was in demand for the trade.
