Maldives settles USD 400m swap, welcomes new INR 30bn support from India

According to the statement, the new rupee-based swap will support the government’s efforts to strengthen economic stability, particularly amid ongoing developments in West Asia.

Mohamed Hilmy

24 April 2026, 12:45

The Maldives has repaid a USD 400 million currency swap facility taken in 2024 and welcomed fresh financial support from India, according to a statement from the Ministry of Foreign Affairs.

The ministry said the Maldives Monetary Authority (MMA) settled the USD 400 million facility, which was secured in October 2024 under a US Dollar/Euro swap window with the Reserve Bank of India (RBI). The arrangement was part of the SAARC Currency Swap Framework for 2024–2027.

The government also welcomed India’s approval of the first withdrawal of INR 30 billion under a separate rupee swap window. The agreement for this facility was signed during President Dr Mohamed Muizzu’s state visit to India in October 2024.

According to the statement, the new rupee-based swap will support the government’s efforts to strengthen economic stability, particularly amid ongoing developments in West Asia. The current framework also offers more favourable terms, making it easier to access funds.

The ministry added that the government has so far repaid USD 50 million of a USD 150 million Treasury Bill support package secured through the State Bank of India in 2019.

It described the approval of the INR 30 billion swap as a reflection of the strong partnership between the Maldives and India, and India’s continued support under its “Neighbourhood First” policy.

Maldives settles USD 400m swap, welcomes new INR 30bn support from India

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