📷 Image: Wikimedia Commons / Ben Schumin
International
India to roll over ₹3,000 crore currency swap with Maldives
✍️ Asianet Newsable
🗓 17 Oct 2026, 03:20 AM
👁 9
India will execute the first rollover of its ₹3,000 crore currency swap agreement with the Maldives, extending the bilateral financial arrangement for another term.
New Delhi has confirmed that the first rollover of the ₹3,000 crore currency swap with the Republic of Maldives will be carried out this month. The swap, originally signed in 2022, allows the two nations to exchange rupees and Maldivian rufiyaa to support trade and foreign‑exchange liquidity.
The rollover extends the facility for an additional period, although the exact duration has not been disclosed. Both the Reserve Bank of India and the Maldives Monetary Authority have said the arrangement strengthens economic ties and provides a safety net against currency volatility.
Analysts view the move as a sign of deepening financial cooperation in the Indian Ocean region, where India seeks to bolster its strategic partnerships. The swap is expected to facilitate smoother payments for Indian exporters and Maldivian importers, particularly in the tourism and fisheries sectors.
The central banks are scheduled to complete the technical formalities in the coming days, after which the rolled‑over funds will become operational for eligible transactions.
The rollover extends the facility for an additional period, although the exact duration has not been disclosed. Both the Reserve Bank of India and the Maldives Monetary Authority have said the arrangement strengthens economic ties and provides a safety net against currency volatility.
Analysts view the move as a sign of deepening financial cooperation in the Indian Ocean region, where India seeks to bolster its strategic partnerships. The swap is expected to facilitate smoother payments for Indian exporters and Maldivian importers, particularly in the tourism and fisheries sectors.
The central banks are scheduled to complete the technical formalities in the coming days, after which the rolled‑over funds will become operational for eligible transactions.