Economy currency swap / economy Maldives Impact 8.0/10 2 min read

India extends ₹3,000 crore currency swap support to Maldives under SAARC

India has approved a ₹3,000 crore currency swap facility for the Maldives under the SAARC framework to support the country's economy amid fiscal pressures. The facility allows Maldives to access foreign exchange during liquidity stress, reducing reliance on commercial borrowing. The Maldives Ministry of Foreign Affairs welcomed the support, stating it aligns with President Mohamed Muizzu's efforts to strengthen economic resilience. This follows previous Indian support, including a $400 million swap in October 2024 (rolled over twice), two interest-free $50 million treasury bills in 2025, and a $565 million line of credit announced during PM Modi's July 2025 visit. Fitch Ratings downgraded Maldives to CC in 2024.

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Apr 29, 2026

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India has approved a ₹3,000 crore currency swap facility for the Maldives under the SAARC framework to support the country's economy amid fiscal pressures. The facility allows Maldives to access foreign exchange during liquidity stress, reducing reliance on commercial borrowing. The Maldives Ministry of Foreign Affairs welcomed the support, stating it aligns with President Mohamed Muizzu's efforts to strengthen economic resilience. This follows previous Indian support, including a $400 million swap in October 2024 (rolled over twice), two interest-free $50 million treasury bills in 2025, and a $565 million line of credit announced during PM Modi's July 2025 visit. Fitch Ratings downgraded Maldives to CC in 2024.

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