India rolls over the Maldives' ₹30 billion rupee swap drawdown under the SAARC currency swap framework
17 October 2026
India has approved the Maldives government's request to roll over the first drawdown of ₹30 billion under the Indian rupee currency swap arrangement.
Maldivian Foreign Minister Iruthisham Adam thanked External Affairs Minister S. Jaishankar and the Government of India in a post, saying the decision reaffirms longstanding bonds of friendship.
The facility falls under the Framework on Currency Swap Arrangement for SAARC countries.
It was signed by the Reserve Bank of India and the Maldives Monetary Authority during President Mohamed Muizzu's state visit to India in October 2024.
The ₹30 billion was first extended to the Maldivian government on 23 April 2026.
The arrangement gives the Maldives access to Indian rupees to support liquidity and financial stability, and is presented as part of India's Neighbourhood First policy.
In plain words
Currency swap Currency swap arrangement — An agreement by which two central banks exchange their currencies for an agreed period to ease a partner's liquidity needs.
MMA Maldives Monetary Authority — The central bank of the Maldives.