RBI-Maldives Currency Swap Deal Sees First Major Withdrawal

India has approved the first withdrawal of ₹30 billion under its continuing economic and financial assistance to Maldives, according to the High Commission of India in Maldives.

In a statement issued in Male, the High Commission said the funds are being released under the first drawdown of the SAARC Currency Swap Framework.

The withdrawal is being made under the Framework on Currency Swap Arrangement for SAARC countries, which was signed between the Reserve Bank of India and the Maldives government during the state visit of Mohamed Muizzu to New Delhi in October 2024.

The assistance is aimed at supporting Maldives’ foreign exchange liquidity and strengthening bilateral economic cooperation between the two countries.

The development is being seen as a significant step in deepening regional financial collaboration and India’s continued support to its maritime neighbour.