During President Dr. Mohamed Muizzu’s ongoing state visit to India, the Maldives and India have exchanged five pivotal agreements, including a high-profile currency swap arrangement. The agreements were signed in a formal ceremony held at the Presidential Palace in New Delhi, attended by Indian Prime Minister Narendra Modi, President Muizzu, and senior officials from both nations.
One of the key highlights is the USD 400 million currency swap agreement, established between the Maldives Monetary Authority (MMA) and the Reserve Bank of India (RBI). The agreement, which also includes an additional INR 30 billion (approximately USD 357 million), will provide much-needed liquidity for trade between the two nations, while also bolstering the Maldives’ short-term foreign exchange requirements.
In addition to the currency swap deal, several other agreements were signed to enhance cooperation across various sectors:
- Police and Law Enforcement Cooperation: A Memorandum of Understanding (MoU) was signed between the National College of Policing and Law Enforcement of the Maldives and Rashtriya Raksha University of India, facilitating enhanced training and collaboration.
- Anti-Corruption Collaboration: Another MoU was inked between the Anti-Corruption Commission of Maldives and the Central Bureau of Investigation of India, aiming to strengthen bilateral efforts in preventing and combating corruption.
- Judicial Capacity Building: An extension of an existing MoU between the Judicial Service Commission of Maldives and India’s National Judicial Academy will allow 200 Maldivian judicial officers to receive further training and capacity building.
- Sports and Youth Affairs: The two nations also extended an MoU on cooperation in sports and youth affairs, aimed at fostering development and collaboration in these areas.
The agreements were accompanied by other key events, including the launch of the RuPay Card in the Maldives, which is expected to enhance financial connectivity between the two countries. The inauguration of the “Huravee” ship also took place, symbolizing strengthened maritime ties.
President Muizzu’s visit to India is seen as a major step in further solidifying the long-standing bilateral relationship between the two neighboring nations. Following the signing of these agreements, President Muizzu expressed optimism about the enhanced cooperation, particularly in areas of security, finance, and governance.
This visit marks President Muizzu’s first state trip to India since assuming office in November 2023. The discussions held with Indian officials, including President Droupadi Murmu and Prime Minister Narendra Modi, underscore the shared commitment to deepening ties and addressing mutual interests across various sectors.
