Ref: 2026/PR/64
The Maldives Monetary Authority (MMA) settles the USD 400 million swap facility availed in October 2024 under the US Dollar/ Euro Swap Window of the bilateral swap agreement entered between the Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) within the existing ‘Framework on Currency Swap Arrangement for SAARC Countries, 2024-2027’.
The Government of Maldives welcomes the continued support extended by the Government of India by approving the first withdrawal of INR 30 billion under the INR Swap Window of the bilateral swap agreement. This agreement was signed between the RBI and the MMA during the State Visit of His Excellency President Dr. Mohamed Muizzu to India in October 2024.
The INR 30 billion swap would support the Government’s broader strategy to further reinforce economic stability amidst the evolving situation in West Asia. The INR Swap Window under the Framework 2017-2024 includes favorable terms, thereby enhancing its accessibility and effectiveness.
To date the Government has cleared USD 50 million of the outstanding USD 150 million Treasury Bill budgetary support package secured through the State Bank of India in 2019.
The approval of the INR 30 billion swap facility stands as a testament to the enduring partnership between the Maldives and India, and reflects India’s continued commitment under its ‘Neighbourhood First’ policy.
ENDS