India Signs $750 Million Currency Swap with Maldives

• India and Maldives sign a major currency swap agreement for $750 million to help the Maldives manage its current foreign currency shortage.
• The swap, signed under the South Asian Association for Regional Cooperation (SAARC) Currency Swap Framework, will be available until 2027.
• Agreements include the launch of the RuPay card in the Maldives and the handover of 700 houses built with Indian assistance.
• Memorandums of understanding were signed between the Central Bureau of Investigation and the AntiCorruption Commission of the Maldives.
• Cooperation in sports and youth affairs was also agreed upon.
• Maldivian President Muizzu hopes to welcome more Indian tourists to the Maldives.
• India agrees to increase trade in national currencies and work on a Free Trade Agreement.