Currency Swap Agreement with MMA

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.

SAARC Currency Swap Agreement: Key Points

  • The SAARC currency swap facility came into operation on 15th November, 2012.
  • The ....
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