The Government of the Maldives has welcomed the decision by the Indian Government to roll over a bilateral currency swap facility worth 30 billion Indian rupees (INR), describing the move as a demonstration of ongoing financial cooperation between the two nations.
According to the Ministry of Foreign Affaris’ press release, the Maldives Monetary Authority (MMA) initially drew down the INR 30 billion facility in April under a currency swap agreement established with the Reserve Bank of India (RBI).
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Furthermore, in its press release, the Ministry acknowledged New Delhi’s support under Prime Minister Narendra Modi’s “Neighbourhood First” policy. It noted that the arrangement contributes significantly to the foreign exchange stability of the Maldives and reinforces long-standing economic ties between the neighboring states.
The Ministry of Foreign Affairs also highlighted the Maldivian government’s commitment to deepening bilateral cooperation with India across multiple sectors for mutual economic benefit.
