India Rolls Over Rs 3,000 Crore Currency Swap Facility for Maldives
India will roll over its Rs 3,000 crore (Rs 30 billion) currency swap facility for the Maldives, with the first rollover taking effect on October 23, 2026. External Affairs Ministry spokesperson Randhir Jaiswal announced the decision at his weekly briefing on Friday, saying, “The present rollover will add to the financial stability of Maldives.”
How the Swap Facility Works
The Reserve Bank of India signed the agreement with the Maldives Monetary Authority on October 7, 2024, under the SAARC currency swap framework for 2024–27. It made the Maldives eligible for $400 million under a dollar/euro window and Rs 30 billion under a rupee window. The arrangement is valid until June 18, 2027, Outlook reported.
The Maldives first drew on the rupee facility on April 23 this year, and the rollover is for a short term of three months, Maldivian outlet The Edition reported. The High Commission of India in Malé said the rollover was approved “in line with India’s continued commitment to support and assist the people and the Government of Maldives.”
A swap lets the Maldives access rupees now and repay later, easing pressure on its foreign currency reserves, which have fallen over the past year. The move adds to India’s earlier assistance to the Maldives, including past financial support packages.
Based on reporting by Outlook and The Edition.
Image: Outlook / File photo.
