The Maldives has obtained approval to draw INR 30 billion (around USD 320 million) under the Indian Rupee swap window of a bilateral currency swap arrangement with India, the Ministry of Foreign Affairs confirmed on Thursday. The approval came after the Maldives Monetary Authority (MMA) fully repaid a USD 400 million swap facility accessed in October 2024 under the US Dollar/Euro Swap Window of the same framework.
The bilateral arrangement was signed within the SAARC Currency Swap Framework for 2024–2027 during President Mohamed Muizzu’s state visit to India in October 2024.
The Foreign Ministry said the rupee-denominated swap would support the government’s broader efforts to reinforce economic stability against the backdrop of the evolving situation in West Asia.
A press release from the High Commission of India in Malé noted that the earlier USD 400 million drawal, availed in October 2024, matured on 23 April 2026. The Indian mission said the current INR swap facility for 2024–2027 includes concessions in interest rates and other conditionalities, and described the swap mechanism as an important element in supporting financial stability in the Maldives.
Since the SAARC currency swap framework was introduced in 2012, the Reserve Bank of India has provided aggregate swap support of USD 1.1 billion to the Maldives, the High Commission added. It also said India rolled over Treasury Bills worth USD 100 million last year as emergency financial assistance at the request of the Maldivian government.
The Foreign Ministry stated that the approval of the INR 30 billion swap reflected India’s continued commitment under its “Neighbourhood First” policy and signalled the ongoing partnership between the two countries. The Indian High Commission reiterated that the Maldives remains an important partner under India’s “Neighbourhood First” policy and Vision MAHASAGAR.
India has long been among the Maldives’ key bilateral financial partners, with support extended through swap arrangements, Treasury Bill subscriptions and other assistance mechanisms.
With the USD 400 million swap facility now settled, the government also disclosed that of the outstanding USD 150 million Treasury Bill budgetary support package secured through the State Bank of India in 2019, USD 50 million has been repaid to date. This leaves USD 100 million still outstanding under that package.
The newly approved INR 30 billion swap gives the Maldives access to short-term liquidity in Indian rupees, easing immediate foreign currency pressure following the repayment of the dollar facility.
