Maldives President Mohamed Muizzu has expressed optimism over Malaysia’s consideration of establishing a US$100 million currency swap facility, a move he believes will bolster economic ties between the two nations. The proposed facility is planned to be facilitated through Bank Negara Malaysia and the Maldives Monetary Authority, though specific terms and mechanisms are still under negotiation.
The discussions on the currency swap followed Malaysian Prime Minister Anwar Ibrahim’s official visit to the Maldives from September 14-15. During this visit, both countries explored expanding cooperation across various sectors, including trade, investment, education, healthcare, tourism, sustainable development, Islamic affairs, and defense.
In addition to the currency swap, Muizzu welcomed an agreement in principle to begin negotiations on a Preferential Trade Agreement (PTA) with Malaysia. He described the currency facility and the trade agreement as crucial steps in enhancing trade relations and creating new business opportunities for both countries.
The two governments also committed to strengthening their collaboration within international organizations such as the United Nations, the Organisation of Islamic Cooperation, and the Commonwealth, signaling a broader intent to deepen diplomatic and economic partnerships on a global scale.