India, Maldives sign $400 million currency swap agreement to boost bilateral ties

Seeking to strengthen bilateral ties, India and the Maldives on Monday inked a currency swap agreement to the tune of USD 400 million, a move that would help the archipelago nation overcome foreign exchange reserve issues.

Prime Minister Narendra Modi and visiting Maldivian President Mohamed Muizzu



also launched Rupay card in the Maldives, inaugurated the new runway at the Hanimadhoo International airport and agreed to further strengthen bilateral relations that had hit a rocky patch last year.

Muizzu, who is on a four-day state visit, held talks with Prime Minister Modi at the Hyderabad House here.