Maldives and India Progress Digital Payment Integration and Currency Swap Facility
- MMA Governor Munawar met RBI Governor Malhotra in Delhi on 19 October 2026 during Samvad 2026.
- Munawar thanked RBI for approving the first rollover of the INR 30 billion currency swap facility.
- UPI-Favara P2M payment integration is on track to launch in the first half of 2027.
The Governor of the Maldives Monetary Authority (MMA), Ahmed Munawar, met the Governor of the Reserve Bank of India (RBI), Sanjay Malhotra, in Delhi on 19 October 2026 to discuss key bilateral financial initiatives.
According to the official statement by MMA on its social media, the meeting took place on the sidelines of Samvad 2026, an international central bank seminar organised by the RBI.
The central bank notes that, during the discussions, Governor Munawar expressed his appreciation to the RBI for approving the first rollover of the INR 30 billion currency swap facility, which supports regional financial stability and liquidity management.
MMA states that Governor Munawar also presented an update on the integration between India’s Unified Payments Interface (UPI) and the Maldives’ Favara payment system. Both leaders reviewed progress on establishing a Person-to-Merchant (P2M) payment connection, scheduled for launch in the first half of 2027. The upcoming payment link aims to streamline transactions for cross-border tourists and facilitate bilateral trade between the two nations.
Furthermore, the central bank heads explored broader opportunities to strengthen institutional cooperation between the MMA and the RBI.
MMA details that Mariyam Rashfa, Managing Director for Monetary Policy, Economics and Statistics, and Abdulla Nasif, Deputy Manager of the MMA’s Licensing Section, accompanied Governor Munawar during the official delegation visit.
