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RBI Signs Currency Swap Pact with Maldives

Published on December 12, 2022
Current Context: The Reserve Bank of India (RBI) signed a currency swap agreement with the Maldives Monetary Authority (MMA).
RBI Signs Currency Swap Pact with Maldives
  • The agreement was signed by the RBI under the SAARC Currency Swap Framework.
  • It was signed to extend up to USD 200 million currency swap facility to the MMA.
  • The primary objective of this fund is to provide swap support as a backstop line of funding for short-term foreign exchange liquidity requirements.
  • This agreement will enable the MMA to make withdrawals in tranches up to a maximum of US$ 200 million from the RBI.
  • RBI is the government-owned central bank of India that was established in 1935 with its headquarters in Mumbai, Maharashtra. The current Governor of it is Shaktikanta Das.
  • MMA is the government-owned central bank of Maldives that was established in 1981 with its headquarters in Male, Maharashtra. The current Governor of it is Ali Hashim.

Question:

Q.1 Recently the Reserve Bank of India (RBI) signed a currency swap agreement with which of the following?
a. Swiss National Bank
b. Maldives Monetary Authority
c. Reserve Bank of Australia
d. Bank of England
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