The Maldives Monetary Authority (MMA) has signed a significant currency swap facility agreement with the Reserve Bank of India (RBI), worth US$400 million and INR 30 billion, to address the ongoing foreign exchange shortage. Foreign Minister Dr. Abdullah Khaleel highlighted the importance of the agreement in a recent interview with state media.
Speaking on the agreement, Dr. Khaleel emphasized that this currency swap facility will provide a major solution to the Maldives' current dollar shortage, further strengthening economic relations between the Maldives and India. He noted that President Dr. Mohamed Muizzu, during his talks with Indian officials, discussed a potential free trade agreement aimed at boosting trade between the two nations.
"Given the current economic situation, India's assistance comes as a relief for the people and economy of the Maldives. This facility will also create more opportunities for business engagements between the two countries," Dr. Khaleel stated.
The currency swap agreement allows the Maldives to withdraw up to US$400 million and INR 30 billion at different times, providing much-needed flexibility in managing its foreign exchange needs through the MMA.
"The INR 30 billion assistance and the US$400 million bilateral currency swap agreement are critical measures to tackle the current foreign exchange crisis," he said, acknowledging India's ongoing support for the Maldives.
This initiative marks a step forward in solidifying the long-standing partnership between the two countries, as they work together to overcome economic challenges.
Speaking on the agreement, Dr. Khaleel emphasized that this currency swap facility will provide a major solution to the Maldives' current dollar shortage, further strengthening economic relations between the Maldives and India. He noted that President Dr. Mohamed Muizzu, during his talks with Indian officials, discussed a potential free trade agreement aimed at boosting trade between the two nations.
"Given the current economic situation, India's assistance comes as a relief for the people and economy of the Maldives. This facility will also create more opportunities for business engagements between the two countries," Dr. Khaleel stated.
The currency swap agreement allows the Maldives to withdraw up to US$400 million and INR 30 billion at different times, providing much-needed flexibility in managing its foreign exchange needs through the MMA.
"The INR 30 billion assistance and the US$400 million bilateral currency swap agreement are critical measures to tackle the current foreign exchange crisis," he said, acknowledging India's ongoing support for the Maldives.
This initiative marks a step forward in solidifying the long-standing partnership between the two countries, as they work together to overcome economic challenges.
