The Maldives Monetary Authority (MMA) has repaid a USD 400 million currency swap facility obtained in October 2024 under a bilateral agreement with the Reserve Bank of India (RBI).
The facility had been extended through the US dollar/euro swap window of the SAARC currency swap framework for 2024–2027, a regional mechanism designed to support member states facing short-term balance of payments pressures.
In a further boost, Maldives has welcomed India’s approval of a fresh withdrawal equivalent to USD 319 million under a separate INR-denominated swap window. The arrangement was agreed during the state visit of President Dr Mohamed Muizzu to India in October 2024.
The government stated that the approval of a fresh withdrawal equivalent to USD 319 million would help address current financial challenges and support ongoing economic development efforts.
In addition to repaying the USD 400 million currency swap facility, the government has also settled USD 50 million from a USD 150 million Treasury Bill budgetary support package arranged through the State Bank of India in 2019.
Maldives' Governmant stated that the approval of the extended 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".