Economy trade / bilateral relations India Impact 7.0/10 3 min read

Maldives, India Ink MoU on Using Local Currencies in Bilateral Cross-border Transactions

The Maldives and India signed a memorandum of understanding (MoU) on 21 November 2024 to promote use of local currencies (MVR and INR) for cross-border transactions. The MoU was signed by MMA Governor Ahmed Munawar and RBI Governor Shaktikanta Das. It aims to reduce costs and improve settlement times. Additionally, a bilateral currency swap agreement was signed on 7 October 2024, allowing the MMA to draw up to $400 million and INR 30 billion under the SAARC framework.

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Nov 22, 2024

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The Maldives and India signed a memorandum of understanding (MoU) on 21 November 2024 to promote use of local currencies (MVR and INR) for cross-border transactions. The MoU was signed by MMA Governor Ahmed Munawar and RBI Governor Shaktikanta Das. It aims to reduce costs and improve settlement times. Additionally, a bilateral currency swap agreement was signed on 7 October 2024, allowing the MMA to draw up to $400 million and INR 30 billion under the SAARC framework.

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Maldives Republic

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