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MMA welcomes rollover of INR 30 billion swap facility during RBI talks
Maldives Monetary Authority Governor Ahmed Munawar met Reserve Bank of India Governor Sanjay Malhotra in New Delhi on October 19 on the sidelines of Samvad 2026 to discuss linking India's UPI with the Maldives' Favara payment system and India's currency swap facility. The two sides discussed a Person-to-Merchant connection targeted for launch in the first half of 2027, and Munawar thanked the RBI for approving the first rollover of the INR 30 billion swap facility.
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INR 30 billionCurrency swap facility extended by India to the MaldivesThe StandardThe governors also discussed the INR 30 billion currency swap facility extended by India to the Maldives.
Word for word from the report in The Standard. Open the report
approximately USD 360 millionApproximate equivalent value of the currency swap facility at an indicative exchange rateThe Standardapproving the first rollover of the facility, which is equivalent to approximately USD 360 million at an indicative exchange rate.
Word for word from the report in The Standard. Open the report
first half of 2027Targeted launch period for the UPI–Favara merchant payment connectionThe StandardThe MMA said the connection is expected to be introduced during the first half of 2027, with the initiative intended to make transactions more convenient for tourists while supporting bilateral trade.
Word for word from the report in The Standard. Open the report