India has agreed to extend the duration of the currency swap facility extended to the Maldives, Foreign Minister Abdulla Khaleel has said.
The minister expressed gratitude after India rolled over the first tranche of the facility. The move provides continued support for the Maldives' foreign exchange reserves and balance of payments.
Currency swap arrangements between the two countries have been part of bilateral economic cooperation. The extension comes as the Maldives manages external financing and import-related pressures.
Officials indicated that the decision reflects ongoing partnership on financial stability measures. Further details on the exact terms of the extension were not immediately available.
The development was reported by state and local media following the minister's remarks.