INDIA announced on Friday its decision to execute the first rollover of the INR 3,000 crore currency swap arrangement with the Maldives, commencing 23 October, following a formal request from the Maldivian administration.
Addressing the media, Ministry of External Affairs (MEA) Spokesperson Randhir Jaiswal emphasised that the initiative reinforces bilateral development cooperation and bolsters economic resilience.
“We have a close development cooperation partnership with the Maldives. At the request of the Government of Maldives, we have decided that we will carry out the first rollover of the INR 3,000 crore currency swap with effect from 23 October 2026,” Jaiswal stated.
The spokesperson further noted that the underlying currency swap arrangement was originally formalised under an agreement concluded in October 2024.
“The present rollover will add to the financial stability of the Maldives,” he added.
According to a press release issued by the Indian High Commission, the Indian government approved the Maldives’ request for the rollover of the Rs 30 billion facility under the Framework on Currency Swap Arrangement for SAARC countries, signed between the Reserve Bank of India (RBI) and the Maldives Monetary Authority during Maldivian President Mohamed Muizzu’s state visit to New Delhi in October 2024, with the initial drawdown extended on 23 April 2026.
— ANI
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