India approves thirty-billion-rupee drawdown as Male' settles October 2024 swap
The Reserve Bank of India and the Maldives Monetary Authority move in concert — a drawdown and a settlement on the same day.
India has approved the withdrawal of thirty billion rupees under the SAARC Currency Swap Framework, a step that the High Commission in Male' described as a reaffirmation of New Delhi's role as a financial partner of the Maldives.
On the same day, the Maldives Monetary Authority settled a US$400 million facility drawn in October 2024 under the US dollar and euro window of its bilateral swap agreement with the Reserve Bank of India. Officials at both institutions framed the moves as a coordinated one: a roll-forward, not a new exposure.
External debt servicing for 2026 is projected to exceed US$1.5 billion; the rufiyaa has held at its peg through the last six months.
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