RBI Enters Into Currency Swap Agreement with MMA

Under the agreement, the Maldives Monetary Authority 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.

PM Narendra Modi along with the President of Maldives, Dr. Mohamed Muizzu at the Exchange of MoUs at Hyderabad House, in New Delhi on October 07, 2024.

FinTech BizNews Service 

Mumbai, 7 October, 2024: The Reserve Bank of India (RBI) has entered into 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. Under the agreement, the 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.

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.