Maldives thanks India for extending ₹30 billion currency swap

The Maldives has thanked India for extending the first ₹30 billion withdrawal under their rupee currency swap arrangement, describing the decision as a reaffirmation of the countries’ longstanding friendship.

Foreign Minister Iruthisham Adam expressed her gratitude to India’s External Affairs Minister, Dr. S. Jaishankar, and the Indian government. In a post on X, she said the two countries’ ties were built on mutual respect, understanding and goodwill.

India approved the Maldives’ request to roll over the facility under its “Neighbours First” policy and its commitment to strengthening bilateral relations, an official statement said.

The arrangement operates under a currency swap framework for SAARC countries, signed by the Reserve Bank of India and the Maldives Monetary Authority during President Mohamed Muizzu’s state visit to India in October 2024. The initial ₹30 billion drawdown was provided to the Maldivian government on April 23.

The facility gives the Maldives access to Indian rupees to help meet liquidity needs and support financial stability. For India, it is also part of its broader engagement with a strategically important neighbour in the Indian Ocean.