Maldives has today repaid the USD 400 million (MVR 6.1 billion) currency swap provided by India, and India has decided to grant the Maldives an additional currency swap of USD 319 million (30 billion Indian Rupees).

The USD 400 million was released under a currency swap agreement established between the two countries during President Dr. Mohamed Muizzu’s official visit to India in 2024.

A statement released by the Maldivian Foreign Ministry tonight confirmed that the USD 400 million currency swap has been repaid. The statement expressed gratitude to the Indian government, noting its decision to provide a further swap of 30 billion Rupees.

The Indian High Commission in the Maldives, in a statement issued tonight, mentioned that the newly decided currency swap will include significant concessions.

Previously, in 2019, the Maldives repaid USD 50 million (MVR 771 million) out of the USD 150 million (MVR 2.3 billion) arrangement facilitated by India through the State Bank of India (SBI).