Maldives-India to swap currency

Foreign Minister Ahmed Naseem has said that the government is making arrangements on an India- Maldives currency swap.

Replying to the query posed by Miadhu Daily at the joint press conference with the visiting External Affairs Minister of India, S.M. Krishna, Minister Naseem said that two countries holding discussions to arrange for a direct exchange between the Rufiya and Rupee.

Minister Naseem said that the shortage in foreign currency is one of the major problems the country is now facing and he expressed his gratitude for the Indian government for seeking aid Maldives in solving this problem.

The Minister said that the government seeks to arrange currency swaps between countries including the neighbouring Sri Lanka. He said that this will help solve the foreign currency shortage in Maldives.

Meanwhile, speaking with local press at the President’s Office on November last year, before departing for Sri Lanka, President Mohamed Nasheed revealed that the government was in discussion with the Sri Lankan government to establish a reciprocal currency or swap arrangement between both countries.

The President said the government’s aim was to have an arrangement whereby Maldivian Rufiyaa could be directly exchanged for Sri Lankan Rupees and vice versa.