Maldives and India Sign $400 Million Currency Swap Agreement

The Maldives has finalized a $400 million currency swap agreement with India.

The deal was signed during President Dr. Mohamed Muizzu’s visit to India, with the Monetary Authority of Maldives (MMA) and the Reserve Bank of India (RBI) formalizing the arrangement.

The agreement allows the MMA to conduct swaps in US Dollar/Euro and Indian Rupee, enabling access to funds as needed under the “Framework on Currency Swap Arrangement for SAARC Countries 2024–2027.” This initiative aims to support short-term foreign exchange needs and enhance trade relations between the two nations.