India Extends Rs 3,000 Crore Currency Swap Rollover for Maldives From October 23, 2026

Key facts

• India confirmed the first rollover of its Rs 3,000 crore currency swap arrangement with Maldives, effective from October 23, 2026, at the request of the Maldivian government.
• Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal stated the rollover would add to the financial stability of the Maldives and strengthen the two countries' development cooperation partnership.
• The currency swap arrangement was established under an agreement signed in October 2024.
• The facility is extended under the Framework on Currency Swap Arrangement for SAARC countries, signed between the Reserve Bank of India (RBI) and the Maldives Monetary Authority during President Mohamed Muizzu's state visit to India in October 2024.
• The first drawdown of Rs 30 billion was extended to the Maldivian government on April 23, 2026.
• Under the 2024-27 framework, the bilateral currency swap arrangement provides concessions, including favourable interest rates and other conditions.
• Since the framework was introduced in 2012, the RBI has provided aggregate swap support of more than $1.1 billion to the Maldives.
• India subscribed to two long-term Maldivian Treasury bonds worth $250 million and $100 million, and paid $42.8 million in interest on three Treasury bills worth $150 million that were settled by the Maldives.
• The Maldives holds a special place under India's Neighbourhood First Policy and its MAHASAGAR vision — Mutual and Holistic Advancement for Security and Growth Across Regions.