Maldives seeks extension of India’s MVR 30 billion currency swap agreement
14 އޮކްޓޯބަރު 2026 | ބުދަ 08:11The government has confirmed that negotiations are underway to extend the repayment deadline for a $316 million credit facility. This financial assistance from India is a crucial component of the government's efforts to navigate external financial challenges and maintain the Maldives' economic stability.
President Dr. Mohamed Muizzu (L) meets with Indian Prime Minister Narendra Modi (R) during his official visit to India in 2024. | Presidents Office
The Maldivian government has requested the Government of India to rollover the 30 billion Indian Rupee currency swap agreement, which was established to support the Maldives' financial situation.
The Maldivian government has formally requested the Indian government to extend the repayment deadline for the current currency swap arrangement, which is set to expire within the next ten days. Government spokesperson Mohamed Hussain Shareef confirmed the request to RaajjeMV, noting that discussions are currently underway in accordance with established protocols.
The 30 billion Indian Rupee facility is equivalent to approximately 316 million US dollars. This currency swap agreement represented a significant intervention by India at the time to bolster the Maldives' economic stability.
According to a statement released by the Ministry of Foreign Affairs at the time, the government secured a new currency swap arrangement in Indian Rupees following the repayment of a previous $400 million swap.
The Ministry of Foreign Affairs stated that this 30-billion-rupee swap facility will significantly bolster the government's policies aimed at maintaining the Maldives' economic stability amidst the evolving situation in the Middle East.
