Maldives agrees with India and China to pay for imports in local currencies, saving 50% on $1.5m annual bill.
Maldives announces India and China agreement to pay for imports in local currencies, expected to save the Maldives 50% of its annual $1.5m imports bill from the two countries. The shift to local currencies in international trade helps countries conserve foreign exchange reserves and marks a significant shift away from the US dollar's dominance in global transactions.
May 22, 2024
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