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RBI signs Currency Swap Agreement with Maldives Monetary Authority

The Reserve Bank of India (RBI) has signed a Currency Swap Agreement with the Maldives Monetary Authority (MMA) under the SAARC Currency Swap Framework 2024-27. The agreement would be valid till June 18, 2027.

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RBI signs Currency Swap Agreement with Maldives Monetary Authority

RBI signs Currency Swap Agreement with Maldives

The Reserve Bank of India (RBI) has signed a Currency Swap Agreement with the Maldives Monetary Authority (MMA) under the SAARC Currency Swap Framework 2024-27, on October 07, 2024, in New Delhi.

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Key features of the Agreement

Under the agreement, the Maldives Monetary Authority (MMA) is eligible for financing support from the RBI amounting to USD 400 million under the US Dollar/ Euro Swap Window and INR 30 billion under the INR Swap Window. The agreement would be valid till June 18, 2027.

SAARC Currency Swap Framework

The SAARC Currency Swap Framework came into operation on November 15, 2012, to provide a backstop line of funding for short term foreign exchange liquidity requirements or short-term balance of payments stress till longer term arrangements are made.

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The Swap drawals can be made in US dollars, Euros or Indian Rupees. The framework provides certain concessions for swap drawals in Indian Rupees.

This facility will be available to all SAARC member countries, provided they sign the bilateral swap agreement.

Static Current Affairs related to Maldives for upcoming exams

  • Capital city: Malé
  • Largest city: Malé
  • Official languages: Dhivehi
  • National language: Dhivehi
  • Common languages: English
  • President: Mohamed Muizzu
  • Vice President: Hussain Mohamed Latheef
  • Total Population of Maldives 2022 estimate: 515,132 (167th)
  • Currency of Maldives: Maldivian rufiyaa (MVR) 

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