India Approves Rs 30 billion for Maldives under SAARC Currency Swap
In April 2026, the Government of India(GoI) approved a Rs.30 billion currency swap facility for the Maldives under the South Asian Association for Regional Cooperation (SAARC) Currency Swap Framework, reaffirming India’s role as a key financial partner for its island neighbour.
In April 2026, the Government of India(GoI) approved a Rs.30 billion currency swap facility for the Maldives under the South Asian Association for Regional Cooperation (SAARC) Currency Swap Framework, reaffirming India’s role as a key financial partner for its island neighbour.
- Previously, Maldives settled a USD 400 million swap facility available in October 2024 under the US Dollar (USD)/Euro Swap Window, reflecting the Maldives government’s commitment to meeting its financial obligations.
Key Details:
Background: The approval of Rs 30 billion facility was made under the INR Swap Window of the ‘Framework on Currency Swap Arrangement for SAARC Countries, 2024-2027’, signed between the Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) during President Mohamed Muizzu’s state visit to New Delhi, Delhi in October 2024.
INR Swap Window: The framework includes favourable terms aimed at enhancing accessibility and effectiveness for the recipient country.
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- So far, the RBI has extended aggregate swap support worth USD 1.1 billion to the Maldives under the SAARC Swap Framework (launched in 2012).
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