RBI enters into Currency Swap Agreement with Maldives Monetary Authority

The Reserve Bank of India (RBI) has entered into a Currency Swap Agreement with the Maldives Monetary Authority (MMA). The agreement falls under the SAARC Currency Swap Framework 2024-27, which aims to provide a backstop line of funding for short-term foreign exchange liquidity requirements or balance of payments stress. The MMA is eligible for USD 400 million in financing support through the US Dollar/Euro Swap Window and INR 30 billion through the INR Swap Window. The agreement will be valid until June 18, 2027, a period of approximately three years.