India to roll over $320mn currency swap at Maldives’ request

India has reportedly agreed to the Maldives’ request for the rollover a USD 320 million (INR 30 billion) currency swap facility provided to support the island nation overcome its financial woes.

Sun has learnt the repayment of this currency swap is due within around 10 days. However, the Maldivian government has requested India for an extension.

Although the Indian government has yet to issue an official statement confirming the rollover, both countries have engaged in discussions regarding it.

Sun has learnt that India has agreed to roll over the facility for a period of three months.

India approved the first withdrawal of USD 320 million under its continued economic and financial assistance to the Maldives back on April 23. According to the Indian High Commission in the Maldives, the funds were released under the first drawdown of the SAARC Currency Swap Framework.

This financial assistance was arranged under the agreement reached between the Reserve Bank of India (RBI) and the Maldivian government during the state visit of President Dr. Mohamed Muizzu to India in October 2024.

The Maldives had repaid a USD 50 million debt due to India back in September.