India and the Maldives signed four agreements during Solih’s visit last year.
(Photo: Getty ImaCurrent account deficit likely to grow, pushing up inflation, straining forex reservesges)
India and the Maldives on Monday signed a currency swap agreement for $400 million as part of the $1.4 billion economic package announced last year.
“India & Maldives signed Currency Swap Agreement for $400 million today as part of the $1.4 billion economic package announced in December 2018. Signing took place in Malè by Gov MMA and Exec Dir RBI,’’ the Indian Embassy in Male tweeted.
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The swap will allow the countries to exchange currencies with pre-determined terms and conditions. The aim of the accord is to avoid risks in foreign exchange market and exchange rate.
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India and the Maldives signed four agreements during Solih’s visit last year.
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