Sri Lanka is to provide U.S.$ 200 Million Line of Credit to Maldives

The Government is to provide U.S.$ 200 Million line of credit to Maldives to overcome the foreign exchange crisis facing that country. Under this arrangement Maldivian Rufiyaa could be directly exchanged for Sri Lankan Rupees and vice versa.

A Minister from the Maldives will arrive in Sri Lanka shortly to seal this currency swap agreement. Maldives has been facing a dollar crisis since recently and this arrangement will benefit Maldivian students living in Lanka and Sri Lankan businessmen in the Maldives since they will be able to do transaction from their own currency without changing to dollars.

The agreement in this regard was scheduled to be signed by the Maldivian President Mr. Mohamed Nasheed with the Central Bank officials when President Nasheed visited Sri Lanka to attend President Mahinda Rajapaksa’s swearing-in ceremony, but he had to cut short his visit and rush back to Maldives to attend the funeral of Maldivian First Lady’s father. (niz).

Source: Government News Portal