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This is an archive article published on December 9, 2022

RBI, Maldives Monetary Authority sign swap pact

“This agreement will enable the MMA to make drawals in multiple tranches up to a maximum of $200 million from the RBI,” a press release said.

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The SAARC Currency Swap Framework came into operation on November 15, 2012. The SAARC Currency Swap Framework came into operation on November 15, 2012.
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The Reserve Bank of India (RBI) has signed an agreement to extend up to $200 million currency swap facility to Maldives Monetary Authority (MMA) under the SAARC Currency Swap Framework.

“This agreement will enable the MMA to make drawals in multiple tranches up to a maximum of $200 million from the RBI,” a press release said.

The facility is to provide swap support as a backstop line of funding for short term foreign exchange liquidity requirements, it said.

In 2020, the RBI had signed a similar pact for extending up to $400-million currency swap facility to Sri Lanka.

The SAARC Currency Swap Framework came into operation on November 15, 2012.

 

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