The Maldives Monetary Authority (MMA) has fully settled the $400 million currency swap facility previously withdrawn under a bilateral agreement with the Reserve Bank of India (RBI).

According to a statement released by the Ministry of Foreign Affairs, this facility was part of the "Framework on Currency Swap Arrangement for SAARC Countries 2024-2027" and was utilized in October 2024.

Following the settlement of this facility, the Indian government has decided to grant the first withdrawal of 30 billion Indian Rupees ($319 million) under the INR swap window of the bilateral agreement.

The Ministry stated that this 30 billion Rupee facility will support the government's broader strategy to strengthen economic stability amid the shifting landscape in West Asia. Additionally, the statement noted that $50 million has been repaid so far from the $150 million Treasury Bill budgetary support package obtained through the State Bank of India in 2019.

The Ministry further highlighted that the approval of the 30 billion Rupee swap facility symbolizes the enduring relationship between the Maldives and India, demonstrating India's continued cooperation under its "Neighborhood First" policy.