India rolls over 30 billion rupee currency swap for Maldives

India has agreed to roll over a 30 billion Indian rupee currency swap facility for the Maldives, providing relief to the island nation’s near-term external repayment pressures. The decision, made following a request from the Maldivian government, extends the first withdrawal under the agreement between the Reserve Bank of India and the Maldives Monetary Authority.

Maldivian Foreign Minister Iruthisham Adam expressed gratitude for the move, stating it reaffirms the “longstanding bonds of friendship” between the two nations. The facility was originally established under the SAARC currency swap framework during President Mohamed Muizzu’s 2024 visit to India.

Since the introduction of this framework in 2012, India has provided more than $1.1 billion in total swap assistance to the Maldives. This latest extension is intended to help the Maldives navigate current financial challenges and support its efforts to stabilize the domestic economy.