The Reserve Bank of India (RBI) has entered into a Currency Swap Agreement with the Maldives Monetary Authority (MMA) under the SAARC Currency Swap Framework 2024-27 on Monday.
Under the agreement, the MMA is eligible for financing support from the RBI amounting to USD 400 million under the US Dollar/ Euro Swap Window and INR 30 billion under the INR Swap Window.
The agreement would be valid till June 18, 2027, a release by RBI said.
The SAARC Currency Swap Framework came into operation on November 15, 2012, to provide a backstop line of funding for short term foreign exchange liquidity requirements or short-term balance of payments stress till longer term arrangements are made.
Earlier in the day, Prime Minister Narendra Modi, while addressing President Mohamed Muizzu at Hyderabad House during his five-day official visit to India, announced the launch of the RuPay Card in the Maldives.
This initiative comes under the financial collaboration between the two countries.
Also Read: India launches RuPay Card in Maldives, UPI to follow soon: PM Modi
