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On 7 October 2024, the Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) entered a currency-swap agreement that made the MMA eligible for up to $400 million through a US dollar/euro window and INR 30 billion (₹3,000 crore) through a separate rupee window. The arrangement was made under the SAARC Currency Swap Framework 2024–27 and, according to the RBI, remained valid through 18 June 2027. These are facility amounts, not evidence that both windows were fully drawn or that India made a grant.
What did the India–Maldives currency swap provide?
The agreement set out two distinct financing windows. The RBI’s 7 October 2024 announcement said the MMA was eligible for the stated support under each window; it did not say that the full amounts had been transferred. The RBI described the wider framework as a backstop for short-term foreign-exchange liquidity needs or short-term balance-of-payments stress while longer-term arrangements are made. RBI announcement, 7 October 2024.
| Window | Eligible amount | What the available status information says |
|---|---|---|
| US dollar/euro | USD 400 million | The Maldives Ministry of Foreign Affairs later said the MMA had settled the USD 400 million facility it availed in October 2024. The ministry page’s exact publication date was not available in the search result. |
| Indian rupee | INR 30 billion (₹3,000 crore) | The Maldives Ministry of Foreign Affairs later welcomed India’s approval of the first withdrawal under the INR Swap Window. The ministry update does not establish that the full INR 30 billion was drawn. |
The two figures are separate currency windows, not a single amount to add or convert into one currency. The RBI’s announcement describes eligibility under the framework; the later status details above are attributed to the Maldives Ministry of Foreign Affairs, whose page did not provide an accessible publication date in the search result.
What a currency swap means in this case
This was a central-bank liquidity arrangement between the RBI and MMA. Its stated role under the SAARC framework was to provide a short-term backstop for foreign-exchange liquidity needs or balance-of-payments stress. The published terms cited here establish eligibility, currencies, limits and validity; they do not characterize the arrangement as a grant, debt cancellation or permanent transfer.
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When was the agreement made, and how long was it valid?
The RBI and MMA entered the agreement on 7 October 2024 under the SAARC Currency Swap Framework 2024–27. The RBI stated that this agreement was valid through 18 June 2027. RBI announcement.
How is the swap different from the SBI Treasury-bill rollover?
India’s 7 October 2024 bilateral joint statement also recorded USD 100 million in State Bank of India Treasury bills rolled over in May and September 2024 for a further year. Those rollovers were a separate instrument and transaction; they are not the USD 400 million and INR 30 billion swap windows. India–Maldives joint vision statement, 7 October 2024.
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How the announcement fit the broader bilateral relationship
The joint vision statement placed financial support alongside broader cooperation on development, trade, digital and financial links, health, energy and maritime security. Those areas form part of the wider bilateral agenda, not the currency-swap instrument itself. President Mohamed Muizzu’s office also said he looked forward to concluding a Free Trade Agreement with India; that was a future objective, not a term of the swap. President’s Office, Republic of Maldives, 7 October 2024.
In his official press statement, Indian Prime Minister Narendra Modi said: “Today, as per the need of Maldives, a currency swap agreement of USD 400 million and INR 3000 crore (INR 30 billion) has also been concluded.” Prime Minister’s Office statement, 7 October 2024.
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