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ARTICLE · 16 OCTOBER 2024

AKP Banking & Finance Digest- October 14, 2024

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The Reserve Bank of India ("RBI") has entered into a currency swap agreement with the Maldives Monetary Authority ("MMA") under the South Asian Association for Regional Cooperation (SAARC)...

IndiaFinance and Banking
Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

1.1.1 RBI signs currency swap agreement with MMA

The Reserve Bank of India (“RBI”) has entered into a currency swap agreement with the Maldives Monetary Authority (“MMA”) under the South Asian Association for Regional Cooperation (SAARC) Currency Swap Framework 2024-27. Signed on October 7, 2024, in New Delhi, the agreement provides the MMA with access to USD 400 million (United States Dollar Four Hundred Million only) through the United States Dollar/Euro Swap Window and INR 30 billion (Indian Rupees Thirty Billion only) through the Indian Rupees (INR) Swap Window. This arrangement, valid until June 18, 2027, aims to support short-term foreign exchange liquidity needs or balance of payments challenges for the Maldives. RBI

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