Recently, the Reserve Bank of India (RBI) signed a Currency Swap Agreement with the Maldives Monetary Authority (MMA) under the SAARC Currency Swap Framework.
This is to provide swap support as a backstop line of funding for short term foreign exchange liquidity requirements.
This agreement will enable the MMA to make drawals in multiple tranches up to a maximum of USD 200 million from the RBI.
In 2020, the RBI signed a currency swap agreement for extending up to USD 400 million to Sri Lanka.
