India has approved the Maldives government’s request to roll over an INR 30 billion currency swap facility, reaffirming its commitment to supporting the country’s financial stability and strengthening bilateral economic cooperation.
In a press release issued on Friday, 16 October 2026, the High Commission of India in Maldives announced that the extension was approved under the SAARC Currency Swap Framework agreed between the Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) during President Dr Mohamed Muizzu’s state visit to India in October 2024.
The initial INR 30 billion facility was extended to the Maldives on 23 April 2026.
According to the High Commission, the arrangement falls under the 2024 to 2027 currency swap framework, which provides favourable interest rates and other concessional conditions to support the Maldives’ financial requirements.
India revealed that its central bank has provided more than USD 1.1 billion in cumulative currency swap assistance to the Maldives since the framework was introduced in 2012.
Beyond currency swaps, India has subscribed to two long-term Maldivian Treasury bonds valued at USD 250 million and USD 100 million.
The High Commission also highlighted that the Maldives has settled three Treasury bills totalling USD 150 million subscribed by India, with the Indian government paying USD 42.8 million towards the interest incurred.
These financial arrangements have played an important role in supporting the Maldives’ financial stability, according to the statement.
The latest approval further strengthens economic cooperation between Malé and New Delhi as President Muizzu’s administration continues efforts to maintain financial stability and manage external debt obligations.
India reaffirmed that the Maldives holds a special position under its Neighbourhood First policy and MAHASAGAR vision, which promotes regional security, economic growth and cooperation.
New Delhi also reiterated its commitment to implementing the Joint Vision for a Comprehensive Economic and Maritime Security Partnership adopted during President Muizzu’s October 2024 visit.
The decision marks another significant development in Maldives-India relations, highlighting India’s continued role as a major financial and development partner of the Maldives.
