RBI and Maldives Monetary Authority Sign SAARC Currency Swap Agreement for 2024-2027
| Aspect | Details |
|---|---|
| Agreement | RBI and Maldives Monetary Authority (MMA) sign a currency swap agreement. |
| Framework | SAARC Currency Swap Framework for 2024-2027. |
| Currency Access | - $400 million under the USD/Euro Swap Window. - Rs 30 billion under the INR Swap Window. |
| Duration | Valid until June 18, 2027. |
| Purpose | Provide short-term foreign exchange liquidity to the Maldives in case of balance of payments stress. |
| Framework Details | - Launched on November 15, 2012. - Aims to assist SAARC member nations in managing foreign exchange shortages. - Offers financial support up to $2 billion in USD, Euro, or INR. |
| Beneficiaries | SAARC member nations: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. |