India has approved the release of ₹30 billion to the Maldives under the SAARC Currency Swap Framework, offering fresh financial support to help the island nation manage its foreign exchange needs.
The assistance is part of an existing swap arrangement between the Reserve Bank of India and the Maldives Monetary Authority, designed to provide short-term currency stability to SAARC member countries during economic stress.
This marks the first withdrawal under the current 2024–2027 swap window. The agreement was signed during Maldivian President Mohamed Muizzu’s visit to India in 2024.
The latest support comes shortly after the Maldives repaid a previous $400 million swap facility taken under the same framework. Officials in Malé said the repayment reflects efforts to stay on track with international financial commitments.
India’s currency swap facility has been a steady source of support for the Maldives for over a decade, helping the country manage pressure on its foreign reserves. Since 2012, the arrangement has provided over $1.1 billion in assistance.
Indian officials say the mechanism is meant to act as a safety net during periods of global financial uncertainty, helping partner countries avoid sudden liquidity crunches.
The Indian High Commission in Malé said the latest move underlines India’s continued commitment to supporting the Maldives’ economic stability and strengthening regional cooperation.
Also Read: POCO launches C81 series in India
