India-Maldives Strengthen Economic Ties with Currency Swap & RuPay Launch

India and the Maldives have signed a currency swap agreement and launched the RuPay card in the Maldives, marking efforts to strengthen economic ties and enhance financial stability. These moves aim to resolve foreign exchange challenges for the archipelago and boost tourism and trade between the two nations.

On Monday, India and the Maldives cemented their economic relationship by signing a currency swap agreement, a strategic move intended to assist the Maldives in overcoming foreign reserve issues. Additionally, the launch of the RuPay card is expected to enhance bilateral trade and tourism cooperation.

Prime Minister Narendra Modi held extensive discussions with Maldives President Mohamed Muizzu in New Delhi. These talks are aimed at overcoming previous hurdles in the bilateral relationship and are viewed as pivotal in boosting regional stability and economic growth for both countries.

With these new financial agreements and infrastructural initiatives, India and the Maldives look to solidify their partnership, enhancing connectivity and encouraging greater economic interchange in the region.

(With inputs from agencies.)