The Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) signed a Memorandum of Understanding (MoU) today in Mumbai for establishing a framework to promote the use of local currencies viz., the Indian Rupee (INR) and the Maldivian Rufiyaa (MVR) for cross-border transactions. The MoU was signed by the Governor, Reserve Bank of India, Shri Shaktikanta Das and the Governor, Maldives Monetary Authority, Mr. Ahmed Munawar.

The Reserve Bank of India has today released the 43rd half-yearly report on management of foreign exchange reserves with reference to end-September 2024. The position of foreign exchange reserves as on October 18, 2024 is as under: US $ Billion Foreign Exchange Reserves (i+ii+iii+iv)* 688.27 i. Foreign Currency Assets (FCA) 598.24 ii. Gold 67.44 iii. Special Drawing Rights (SDRs) 18.27 iv. Reserve Tranche Position (RTP) 4.32

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 Reserve Bank of India with the concurrence of the Government of India has decided to put in place a revised Framework on Currency Swap Arrangement for SAARC countries for the period 2024 to 2027. Under this Framework, the Reserve Bank would enter into bilateral swap agreements with SAARC central banks, who want to avail of the swap facility. It may be recalled that the SAARC Currency Swap Facility came into operation on November 15, 2012 with an intention to provide a backstop line of funding for short term foreign exchange liquidity requirements or balance of payment crises of the SAARC countries till longer term arrangements are made.

The Reserve Bank of India has today released the 42nd half-yearly report on management of foreign exchange reserves with reference to end-March 2024. The position of foreign exchange reserves as on May 03, 2024 is as under: US $ Billion Foreign Exchange Reserves (i+ii+iii+iv) 641.59 i. Foreign Currency Assets (FCA) 564.16 ii. Gold 54.88 iii. Special Drawing Rights (SDRs) 18.05 iv. Reserve Tranche Position (RTP) 4.50 * Difference, if any, is due to rounding-off.