In October 2024, India signed a major currency swap agreement with the Maldives for how many millions to help it tide over its current foreign currency crunch?

Correct option is B

The correct option is (B) $750 million.

Explanation:
In October 2024, the Reserve Bank of India (RBI) signed a currency swap agreement with the Maldives Monetary Authority (MMA) under the SAARC Currency Swap Framework 2024–27. The agreement includes $400 million under the US Dollar/Euro Swap Window and ₹30 billion (approx. $357 million) under the Indian Rupee Swap Window, totaling nearly $750 million.

Information Booster:

• SAARC Currency Swap Framework: A mechanism started in 2012 to provide short-term foreign exchange liquidity support to SAARC member nations.

• Duration: The agreement is valid till June 18, 2027.

• Economic Significance: Supports the Maldives in managing foreign exchange reserves and easing external debt pressure.

• Bilateral Relations: Reflects India’s commitment to regional economic cooperation and strengthening neighbourhood-first policy.

• Currency Swap Agreements: Agreements allowing countries to exchange currencies to facilitate trade, ensure financial stability, and manage economic uncertainty.
• India's Role in SAARC: India plays a key role in supporting regional economies, fostering financial assistance, and ensuring stability among SAARC countries.