India 'satisfied' with $400 million currency swap that boosted Maldives' FX reserves

India expressed satisfaction over the USD 400 million currency swap with Maldives, which boosted the island nation's foreign exchange reserves. Fitch affirmed Maldives' sovereign rating, acknowledging the increased Forex reserves driven by the currency swap between the Reserve Bank of India and the Maldives Monetary Authority. However, persistent fiscal vulnerabilities complicate debt refinancing.