India to Roll Over Rs 3,000 Crore Currency Swap with Maldives Starting Oct. 23

India’s Ministry of External Affairs disclosed that, following a formal request, the country will execute the first rollover of its INR 3,000 crore currency swap arrangement with the Maldives, commencing on 23 October 2026. The swap was originally established under an agreement signed in October 2024 during President Mohamed Muizzu’s state visit to New Delhi. Officials said the rollover will add to the Maldives' financial resilience and supports the broader development partnership.

Since the framework’s inception in 2012, the Reserve Bank of India has supplied cumulative swap assistance exceeding USD 1.1 billion. In addition, India has bolstered Maldivian fiscal stability through purchases of Treasury bonds worth USD 250 million and USD 100 million, plus three Treasury bills totaling USD 150 million, with interest payments of USD 42.8 million already disbursed. The action reflects India’s Neighbourhood First policy and the MAHASAGAR vision, emphasizing deeper economic and maritime security ties with the Maldives.