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Maldives, India Ink MoU on Using Local Currencies in Bilateral Cross-border Transactions
The Maldives and India signed a memorandum of understanding on 21 November 2024 to promote the use of local currencies, the Maldivian Rufiyaa and Indian Rupee, in bilateral cross-border transactions. The MMA said the framework would let businesses in both countries invoice and settle imports and exports in domestic currencies, reducing costs and improving settlement times; the two central banks had also signed a currency swap agreement on 7 October.
Sources1carried itMR1 of 19 news outlets we monitor
Figures2as written, with their sentences
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
What happened
in order; days are read from the reports' words and dates
Mon 7 OctThe MMA and the RBI signed a bilateral currency swap agreement enabling the MMA to draw a swap facility under a USD/EUR window and an INR w…7 Octoberonly Maldives RepublicThe MMA and the RBI, on 7 October, signed a bilateral currency swap agreement enabling the Maldives’ central bank to draw a swap facility under two windows; a USD/EUR window and an INR window, respectively, against MVR.
Word for word from the report in Maldives Republic. Open the report
Who said what
the reports' own quoted words, each once
This MoU is a significant step forward in enhancing trade and financial ties between the Maldives and India. By enabling the use of local currencies for bilateral transactions, it will strengthen economic cooperation, promote trade, and fo…
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
Figures in these reports
as written, with the sentence they come from
US$400 millionmaximum swap drawal limit in US dollarsMaldives RepublicThe swap facility would allow the MMA to make multiple drawals up to a maximum limit of US$400 million in addition to INR 30 billion, within the existing ‘Framework on Currency Swap Arrangement for SAARC Countries, 2024-2027’.
Word for word from the report in Maldives Republic. Open the report
INR 30 billionmaximum swap drawal limit in Indian rupeesMaldives RepublicThe swap facility would allow the MMA to make multiple drawals up to a maximum limit of US$400 million in addition to INR 30 billion, within the existing ‘Framework on Currency Swap Arrangement for SAARC Countries, 2024-2027’.
Word for word from the report in Maldives Republic. Open the report
