The Reserve Bank of India (RBI) has entered into a Currency Swap Agreement with the Maldives Monetary Authority (MMA) under the SAARC Currency Swap Framework 2024-27, on October 07, 2024, in New Delhi. Under the agreement, the MMA is eligible for financing support from the RBI amounting to USD 400 million under the US Dollar/ Euro Swap Window and INR 30 billion under the INR Swap Window. The agreement would be valid till June 18, 2027.

The SAARC Currency Swap Framework came into operation on November 15, 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.

(Puneet Pancholy)     
Chief General Manager

Press Release: 2024-2025/1241