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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.

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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