The Reserve Bank of India (RBI) entered into a Currency Swap Agreement with the Maldives Monetary Authority (MMA) under the SAARC Currency Swap Framework 2024-27, on Monday (October 7, 2024) in New Delhi.

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Under the agreement, the MMA is eligible for financing support from the RBI amounting to $400 million under the U.S. Dollar/ Euro Swap Window and ₹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.