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India Approves Rollover of Rs 30 Billion Currency Swap Facility for the Maldives

16 October 2026National

India has approved the rollover of a Rs 30 billion (about USD 319 million) currency swap facility for the Maldives, announced by the High Commission of India in Male on 16 October 2026. The facility is extended by the Reserve Bank of India under the Framework on Currency Swap Arrangements for SAARC Countries. It originates in President Mohamed Muizzu's October 2024 state visit, when New Delhi committed USD 400 million plus Rs 30 billion; the dollar leg has since been repaid, as was a separate USD 150 million loan in September 2026. The Maldives Monetary Authority took its first drawdown on 23 April 2026.

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The RBI introduced the SAARC Currency Swap Framework in 2012 to provide short-term foreign exchange liquidity to central banks of SAARC member states | SAARC was founded at Dhaka on 8 December 1985 and has eight members, with its secretariat at Kathmandu, Nepal | Maldives: capital Male, currency Maldivian rufiyaa, central bank the Maldives Monetary Authority, President Mohamed Muizzu

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