Maldives Signs Currency Swap Agreement With India

Photo: MMA

Maldives Monetary Authority (MMA) has signed a currency swap agreement with Reserve Bank of India (RBI) on 22nd July 2019.

From MMA, the agreement was signed by Governor, Mr. Ahmed Naseer and from RBI, it was signed by Executive Director Mr. Rajeshwar Rao.

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With this agreement, MMA will receive an opportunity to acquire a USD400 million currency swap facility.

The facility will be established under the ‘Stand by Swap Arrangement’ of the ‘Framework on Currency Swap Arrangement of SAARC Countries’.

With the facility, Maldivian reserves will increase and and it will be easier to find investors willing to invest in Maldives.

Money issued under the currency swap should be paid back in loan basis in 6 months.

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