India approved the first withdrawal of Rs 30 billion, or about USD 357 million, for the Maldives on 23 April 2026 under the SAARC Currency Swap Framework. The facility is linked to a Currency Swap Agreement between the Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA).
SAARC Currency Swap Framework
The SAARC Currency Swap Framework came into operation on 15 November 2012. It was created to meet short-term foreign exchange liquidity requirements and balance of payments stress in SAARC member countries. The framework provides swap support in major currencies and in Indian rupees.
India–Maldives Currency Swap Agreement
The Currency Swap Agreement between the RBI and the MMA was signed on 7 October 2024 during the state visit of Maldivian President Mohamed Muizzu to New Delhi. The agreement is valid until 18 June 2027. It allows the Maldives to access up to USD 400 million under the US Dollar/Euro Swap Window and INR 30 billion under the INR Swap Window.
INR Swap Window
The INR swap facility is designed for settlement of trade in local currency. It is used in bilateral trade arrangements between India and the Maldives. The rupee-based window is part of the broader swap architecture under the SAARC framework.
Related Financial Support
On 20 March 2026, the Maldives expressed gratitude to India for rolling over a USD 50 million Government Treasury Bill for another year. The Treasury Bill was subscribed by the State Bank of India as emergency financial assistance. The SBI is a public sector bank headquartered in Mumbai and established in 1955.
Last Modified: April 24, 2026