In a move to bolster bilateral economic ties, Maldives President Mohamed Muizzu has expressed support for Malaysia’s contemplation of a US$100 million currency swap facility. The proposal, which is under consideration by Malaysia, aims to enhance economic cooperation between the two nations.
The currency swap arrangement is anticipated to be facilitated by Bank Negara Malaysia in collaboration with the Maldives Monetary Authority. While specific terms and mechanisms of the facility are still being discussed, President Muizzu emphasized its potential to strengthen trade relations and create business opportunities for both the Maldives and Malaysia.
This development follows Malaysian Prime Minister Anwar Ibrahim’s state visit to the Maldives on September 14-15. During the visit, discussions centered on expanding cooperation in various sectors, including trade and investment, education, healthcare, tourism, sustainable development, Islamic affairs, and defense.
Additionally, both countries have agreed in principle to initiate negotiations on a Preferential Trade Agreement (PTA). President Muizzu highlighted that such an agreement could further open doors for businesses and enhance trade exchanges between the Maldives and Malaysia.
Beyond bilateral agreements, the Maldives and Malaysia have also committed to enhancing collaboration through international platforms such as the United Nations, the Organisation of Islamic Cooperation, and the Commonwealth, indicating a broadening of their cooperative efforts on the global stage.