MALE, April 25 (Xinhua) — The Maldives is taking steps to reduce U.S. dollar transactions outside the formal banking system to ensure that there is no dollar shortage in the country, Maldivian media reported on Thursday, quoting Minister of Finance Mohamed Shafeeq as saying.
In an interview with Mihaaru News, Shafeeq said efforts are being made to reduce the country’s dependency on the dollar.
The government is taking steps to end black market transactions by businesses, he said.
The minister added the dollar transactions outside the formal banking sector has increased in the past few years.
He said the country is conducting discussions with China and India, the largest importers of goods into the Maldives, to explore how to settle payments using the Maldivian currency.
Earlier this month, Maldivian Minister of Economic Development and Trade Mohamed Saeed said that the Maldivians will soon have the option to settle their import payments using Chinese currency, the renminbi (RMB).Â
