Mon Oct 07 14:54:00 UTC 2024: ## RBI and Maldives Sign $400 Million Currency Swap Agreement
**New Delhi, October 7, 2024:** The Reserve Bank of India (RBI) has signed a Currency Swap Agreement with the Maldives Monetary Authority (MMA) under the SAARC Currency Swap Framework 2024-27. The agreement, signed in New Delhi, will provide the MMA with access to financing support from the RBI, amounting to $400 million in US Dollar/Euro and ₹30 billion in Indian Rupees.
The agreement, valid until June 18, 2027, falls under the SAARC Currency Swap Framework, which was established in 2012 to provide short-term foreign exchange liquidity support to member nations facing balance of payments pressures. This agreement signifies the commitment of both India and the Maldives to regional cooperation and economic stability.
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