July 18, 2024
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Maldives to soon launch India’s RuPay service

The Maldives is gearing up to introduce India’s RuPay service, with Minister of Economic Development and Trade Mohamed Saeed highlighting its potential to strengthen the Maldivian currency, the Rufiyaa. The move aligns with the government’s focus on reinforcing the Rufiyaa and reducing reliance on the US dollar. Although no specific launch date has been announced, discussions are underway to implement the service for transactions in Rupees within Maldives.

Previously, both India and Maldives expressed enthusiasm for the operationalization of RuPay cards during President Ibrahim Mohamed Solih’s visit to India in 2022, aiming to enhance bilateral economic ties and tourism.

Despite these developments, recent political shifts in the Maldives, particularly with the new administration led by President Mohamed Muizzu, have strained relations with India. This tension was underscored by the repatriation of Indian military personnel stationed in the Maldives, which has added friction to bilateral relations.

Picture Courtesy: Google/images are subject to copyright

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