India has extended a currency swap facility of INR 30 billion to the Maldives, providing continued financial support under a regional framework aimed at strengthening economic stability.

In a statement, the High Commission of India in Malé said the facility is part of the SAARC Currency Swap Arrangement agreed between the Reserve Bank of India and the Government of Maldives during President Dr Mohamed Muizzu’s state visit to India in October 2024.

The latest drawdown follows the maturity of a previous USD 400 million swap facility accessed by the Maldives in October 2024, which expired on April 23, 2026. The current arrangement, covering the 2024–2027 period, includes concessional terms such as favourable interest rates and conditions.

Since the introduction of the SAARC swap framework in 2012, the Reserve Bank of India has provided a total of USD 1.1 billion in swap support to the Maldives. In addition, India rolled over Treasury Bills worth USD 100 million issued by the Maldivian government last year as part of emergency financial assistance.

The High Commission also noted that the currency swap facility remains a key instrument in supporting the Maldives’ financial stability, while reaffirming the country’s importance under India’s ‘Neighbourhood First’ policy and Vision MAHASAGAR, reflecting close bilateral cooperation between the two countries.