India has agreed to roll over its Rs 3,000 crore (about US$320 million) currency swap with the Maldives from 23 October, following a request from the Maldivian government.
Announcing the decision on Friday, India's Ministry of External Affairs spokesperson Randhir Jaiswal said it would be the first rollover of the facility, adding that it "will add to the financial stability of the Maldives" and reflects the two countries' close development cooperation partnership.
The arrangement was agreed between the Reserve Bank of India and the Maldives Monetary Authority under the SAARC currency swap framework during President Dr. Muizzu's state visit to India in October 2024. The Maldives made its first drawdown of Rs 30 billion on 23 April this year.
India has provided more than US$1.1 billion in swap support to the Maldives since the framework began in 2012, and has also subscribed to Maldivian Treasury bonds worth US$250 million and US$100 million.
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