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India Approves Rollover of INR 3000-Crore Currency Swap Facility to Maldives
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News18•16-10-2026, 18:45
India Approves Rollover of INR 3000-Crore Currency Swap Facility to Maldives
- •India has approved the rollover of a Rs 3,000-crore currency swap facility to the Maldives following a request from the Maldivian government.
- •The arrangement was signed between the Reserve Bank of India and the Maldives Monetary Authority under the SAARC framework.
- •The bilateral agreement offers financial concessions including favorable interest rates and conditions under the 2024-27 framework.
- •India has also subscribed to long-term Treasury bonds and bills to help sustain the financial stability of the Maldives.
- •The initiative highlights India's commitment to its Neighbourhood First policy and the MAHASAGAR vision.
Key Questions Answered
India has approved the rollover of a Rs 3,000-crore (INR 30 billion) currency swap facility to the Maldives under the SAARC framework.
The arrangement was signed between the Reserve Bank of India and the Maldives Monetary Authority during Maldivian President Mohamed Muizzu’s state visit to India in October 2024.
Since the introduction of the framework in 2012, the Reserve Bank of India has provided aggregate swap support of over USD 1.1 billion to the Maldives.
