Maldives President Mohamed Muizzu has expressed support for Malaysia’s consideration of a $100 million currency swap facility, emphasizing its potential to enhance economic ties between the two nations. This development comes in the wake of Malaysian Prime Minister Anwar Ibrahim’s state visit to the Maldives on September 14-15, where discussions focused on strengthening bilateral relations.
The proposed currency swap arrangement, which would be executed through Bank Negara Malaysia and the Maldives Monetary Authority, is still under negotiation regarding its terms and mechanisms. Muizzu highlighted this initiative as a significant move towards bolstering trade and creating new business opportunities between the Maldives and Malaysia.
In addition to the currency swap, the two countries have agreed in principle to initiate talks on a Preferential Trade Agreement (PTA). This agreement is seen as a crucial step in expanding economic collaboration and fostering new avenues for trade.
During the bilateral discussions, both leaders explored possibilities for cooperation across various sectors, including trade and investment, education, healthcare, tourism, sustainable development, Islamic affairs, and defense. Furthermore, they committed to enhancing their collaboration within international organizations such as the United Nations, Organisation of Islamic Cooperation, and the Commonwealth.