Maldives Monetary Authority (MMA) has signed a USD 400 million swap agreement with Reserve Bank of India. The agreement was signed by Executive Director of Reserve Bank of India M. Rajeshwar Rao and Governor Ahmed Naseer.
Under the agreement, MMA can withdraw up to USD 400 million after issuing a guarantee for the equal amount in the local currency. The agreement was signed as a Standby Swap Arrangement under the Framework on Currency Swap Arrangement for SAARC Countries, MMA revealed.
The currency swap agreement is a part of USD 1.4 billion financial facility which President Ibrahim Mohamed Solih signed during his state visit to India last December.
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