Maldives thanks India for rollover of Rs 30 billion currency swap facility

Posted on by Vividh Bharathi

Male, Oct 16 (IANS) The Maldives on Friday expressed its sincere appreciation to India for the decision to roll over the first withdrawal of Rs 30 billion under the Indian rupee currency swap agreement, saying the move reaffirms the longstanding bonds of friendship between the two countries.

Maldivian Foreign Minister Iruthisham Adam thanked External Affairs Minister (EAM) S Jaishankar and the Government of India for the decision, while crediting President Mohamed Muizzu’s leadership for strengthening the island nation’s relations with key bilateral partners.

“I would like to express my sincere appreciation to my dear colleague EAM Jaishankar and the Government of India for their decision to roll over the first withdrawal of the INR 30 billion under the INR currency swap agreement. This decision reaffirms the longstanding bonds of friendship between Maldives and India, rooted in mutual respect, understanding, and goodwill,” Adam posted on X.

“Under the guidance of President Muizzu, the Maldives has continued to strengthen relations with key bilateral partners, including India, and remains steadfast in its commitment to further deepen these ties. I commend his leadership in advancing the Maldivian economy and safeguarding the wellbeing of the Maldivian people,” she added.

Earlier on Friday, India approved the request of the Maldives government for the rollover of a Rs 30 billion currency swap facility as part of New Delhi’s ‘Neighbours First’ policy and the commitment to deepening bilateral relations with the island nation, according to an official statement.

The facility is being extended under the Framework on Currency Swap Arrangement for SAARC countries, signed between the Reserve Bank of India (RBI) and the Maldives Monetary Authority during Maldivian President Mohamed Muizzu’s state visit to India in October 2024.

The first drawdown of Rs 30 billion was extended to the Maldivian government on April 23 this year.

The currency swap arrangement provides the Maldives with access to Indian rupees, helping support liquidity and financial stability when needed. For India, continued financial assistance also forms part of its broader engagement with a strategically important Indian Ocean neighbour.

Under the 2024–27 framework, the bilateral currency swap arrangement provides concessions, including favourable interest rates and other conditions. Since the framework was introduced in 2012, the RBI has provided aggregate swap support of more than $1.1 billion to the Maldives.

–IANS

ksk/dan

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The footage, approved for publication by his family, marks the second proof-of-life video of Bohbot in recent days. He is one of 59 hostages still held by the terrorist group Hamas.

The three-minute video, spoken in Hebrew, is the second hostage footage shared by Hamas in recent days.

“For the second time, I am prisoner number 22,” Bohbot says in the footage, directing his words to Prime Minister Benjamin Netanyahu.

“I am the one who asked to record the video. Hamas did not tell me to record the video. This is not psychological warfare. The real psychological war is me waking up without seeing my son, without my wife.”

Bohbot, 36, worked as a contractor and was a member of the Histadrut for 15 years. He was part of the production team at the Nova music festival on October 7, where he helped treat and evacuate wounded concertgoers before being abducted by Hamas terrorists. He and his wife, Rivka, have a five-year-old son.

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Since Israel resumed its offensive on March 18 after a temporary ceasefire, Hamas has warned that continued military actions could endanger the lives of the remaining hostages.

Of the 251 individuals taken captive during the October 7 attack, 58 are still held in Gaza, with the Israeli military stating that 34 of them are presumed dead.

Israel’s renewed military campaign in Gaza has resulted in significant casualties, with nearly a dozen people killed on Saturday alone, according to the region’s civil defence agency.

The hostilities have led to mounting calls for a renewed ceasefire agreement.

Bassem Naim, a senior Hamas official, said that ceasefire negotiations were gaining momentum.

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On Saturday evening, thousands of Israelis gathered in Tel Aviv, demanding that Prime Minister Benjamin Netanyahu’s government reach a deal to bring the hostages home. Some of the demonstrators included former hostages and relatives of those still in captivity.

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The first phase of the Israel-Hamas ceasefire began on January 19 after 15 months of conflict, halting hostilities, securing the release of some Israeli hostages held by Hamas, and freeing certain Palestinian prisoners.

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The conflict began after Hamas-led gunmen launched an attack on southern Israel on October 7, 2023, killing 1,200 people and abducting 251, according to Israeli figures.

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