Maldives President Mohamed Muizzu has lauded Malaysia’s move towards establishing a US$100 million currency swap facility aimed at bolstering economic collaboration between the two nations. The potential financial arrangement is anticipated to be executed through Bank Negara Malaysia and the Maldives Monetary Authority, although specifics are still under negotiation.
This announcement comes in the wake of Malaysian Prime Minister Anwar Ibrahim’s official visit to the Maldives from September 14-15, where discussions centered on deepening bilateral ties. Both leaders expressed a commitment to expand cooperation beyond finance to encompass areas such as trade, investment, education, healthcare, and tourism.
In addition to the currency swap proposal, President Muizzu and Prime Minister Anwar agreed in principle to initiate talks on a Preferential Trade Agreement (PTA). Muizzu highlighted that such initiatives are pivotal for creating new business opportunities and enhancing trade relations between the Maldives and Malaysia.
During the prime minister’s visit, both countries underscored their intent to collaborate on sustainable development, Islamic affairs, and defense, while also pledging to strengthen their partnership within international organizations like the United Nations, Organisation of Islamic Cooperation, and the Commonwealth.