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The Reserve Bank of India (RBI) on Monday entered into a currency swap agreement with the Maldives Monetary Authority (MMA) under the SAARC Currency Swap Framework for 2024-2027, the central bank said in a release. The agreement, signed in New Delhi, will provide financing support to the Maldives, enabling access to up to $400 million under the US Dollar/Euro Swap Window and Rs 30 billion under the Indian Rupee (INR) Swap Window.
This arrangement will remain in effect until June 18, 2027.
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The SAARC Currency Swap Framework, established on November 15, 2012, was designed to offer short-term foreign exchange liquidity to SAARC member countries experiencing balance of payments stress or foreign exchange shortages. It serves as a temporary solution until more permanent financing arrangements can be made.
First Published: Oct 07 2024 | 7:44 PM IS
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