Maldives Faces Challenges in Extending Currency Swap with India
The Maldives' request for an extension of an Indian currency swap facility is facing obstacles due to existing regulations, including a required 'cooling off' period. India has previously assisted the Maldives with a $400-million currency swap in October 2024, which was rolled over twice. The Maldives is currently experiencing economic stress, worsened by reduced tourist flows and rising energy costs. The country has nearly $1 billion in debt repayments due in April, including $400 million for the currency swap. If India cannot extend the facility, the Maldives may face increased financial difficulties.
Published 2 days ago • 19 Apr 2026, 11:40 AM IST