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The Maldives Foreign Ministry mentioned the repayment reflected the authorities’s commitment to honouring its monetary duties.
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India approves Rs 30 billion currency swap for Maldives
Swap targets to raise Maldives’ economic balance and reserves
Facility boosts bilateral ties, regional monetary cooperation
Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu throughout the alternate of an MoU and digital inauguration of the projects, in Male. (PTI)
India has cleared a Rs 30 billion drawdown for the Maldives below the SAARC Currency Swap Framework, the Indian High Rate in Male mentioned on Thursday, underscoring Unique Delhi’s persevered monetary help to the island nation.
The approval coincided with the Maldives settling a $400 million swap facility that it had availed in October 2024 below the US Dollar/Euro Swap Window of the bilateral association between the Reserve Financial institution of India and the Maldives Monetary Authority (MMA).
The Maldives Foreign Ministry mentioned the repayment reflected the authorities’s commitment to honouring its monetary duties.
The newly current Rs 30 billion facility has been extended below the INR Swap Window of the ‘Framework on Currency Swap Association for SAARC International locations, 2024-2027’. This agreement had been signed between the RBI and the MMA throughout President Mohamed Muizzu’s test with to Unique Delhi in October 2024.
Per the Maldives Foreign Ministry, the funds will help the authorities’s efforts to beef up economic balance, particularly within the context of trends in West Asia.
The INR Swap Window, it mentioned, supplies if truth be told useful phrases designed to provide a rob to rep admission to and effectivity for recipient countries.
Since the launch of the SAARC Swap Framework in 2012, the RBI has supplied total swap help of $1.1 billion to the Maldives. The Indian High Rate famend that such arrangements personal played a key aim in supporting the nation’s monetary balance, especially throughout intervals of exterior stress.
Reaffirming bilateral ties, the High Rate mentioned the Maldives is peaceful a distinguished accomplice below India’s ‘Neighbourhood First’ protection and Vision MAHASAGAR.
“India, as a pleasing neighbour, has repeatedly been the ‘first responder’ for the Maldives,” the statement said.
Welcoming the development, the Maldives Foreign Ministry described the approval as a reflection of the strong and enduring partnership between the two countries. It also highlighted India’s role in promoting regional financial cooperation through the SAARC framework.
The currency swap mechanism allows the Maldives to access foreign exchange during liquidity constraints, reducing dependence on commercial borrowing while helping manage balance-of-payments pressures and maintain macroeconomic stability. For India, the facility forms part of a broader effort to deepen economic ties with neighbouring countries.
Officials in Male said the latest support is expected to provide immediate relief to foreign exchange reserves and assist in stabilising the economy amid global uncertainties.
With rising geopolitical tensions in West Asia, the timely assistance is being viewed as important for maintaining investor confidence and ensuring smooth external payments.
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First Published:
April 29, 2026, 11:50 IST
News india India Approves Rs 30 Billion Swap For Maldives, Boosts Economic Stability
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