RBI and Maldives Monetary Authority enters into Currency Swap Agreement:

RBI and Maldives Monetary Authority enters into Currency Swap Agreement 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 7th October 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 (Rs 3,000 crore) under the INR Swap Window. The agreement would be valid till 18th June 2027." RBI said in a press release. The SAARC Currency Swap Framework went into effect on November 15, 2012, to offer a standby line of finance for short-term foreign exchange liquidity needs or short-term balance of payments stress until longer-term arrangements are completed. Prime Minister Narendra Modi and visiting Maldivian President Mohamed Muizzu also unveiled the Rupay card in the Maldives, inaugurated a new runway at Hanimadhoo International Airport, and promised to enhance bilateral relations after a rough patch last year. Muizzu, who is on a four-day state visit, met with Prime Minister Modi at the Hyderabad House here.