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Maldives Monetary Authority Governor Ahmed Munawar met his Indian counterpart Sanjay Malhotra in New Delhi to discuss currency swap arrangements, digital payment integration and closer cooperation between the two central banks.
Mariyam Adheela
MMA Governor Ahmed Munawar meets RBI Governor Sanjay Malhotra in New Delhi, India -- Photo: MMA
New Delhi, India — Maldives Monetary Authority (MMA) Governor Ahmed Munawar met Reserve Bank of India (RBI) Governor Sanjay Malhotra on October 19, on the sidelines of Samvad 2026, an international seminar for central banks organised by the RBI.
During the meeting, Munawar expressed appreciation to the RBI for approving the first rollover of the INR 30 billion currency swap facility, which supports financial cooperation between the Maldives and India.
The two governors also discussed progress on integrating India’s Unified Payments Interface (UPI) with the Maldives’ Favara payment system. Discussions included further cooperation on person-to-merchant (P2M) payments, which are targeted for launch by the first half of 2027.
The planned integration is expected to make payments more convenient for tourists and support trade between the two countries by enabling smoother digital transactions.
The meeting also explored opportunities to expand cooperation between the two central banks and strengthen financial relations between the Maldives and India.
Munawar was accompanied by Mariyam Rashfa, Managing Director of Monetary Policy, Economics and Statistics, and Abdulla Nasif, Deputy Manager of the Licensing Section at the MMA.
