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Photo by Pep Stojanovski via Unsplash.
India and Maldives ink currency swap agreement
The agreement is valid until June 2027.
The Reserve Bank of India (RBI) has entered into a currency swap agreement with the Maldives Monetary Authority (MMA) on 7 October 2024.
Under the agreement, the MMA is eligible for financing support from the RBI amounting to $400m under the US Dollar/ Euro Swap Window and INR30b under the INR Swap Window.
The agreement would be valid until 18 June 2027.
The agreement falls under the SAARC Currency Swap Framework 2024-27.
The SAARC Currency Swap Framework came into operation on 15 November 2012, to provide a backstop line of funding for short term foreign exchange liquidity requirements or short-term balance of payments stress till longer term arrangements are made.
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