Bilateral Updates

India has approved a ₹3,000-cr currency swap for the Maldives under the South Asian Association for Regional Cooperation (SAARC) framework to support the nation's stressed economy. The ₹3,000-cr facility was recently released under the 'Framework on Currency Swap Arrangement for SAARC Countries, 2024-2027', said an official. The currency swap arrangement allows the Maldives to access foreign exchange in times of liquidity stress without relying solely on commercial borrowings, helping it manage balance-of-payment pressures and maintain macroeconomic stability, according to the official.