Maldives President Mohamed Muizzu has expressed support for Malaysia’s consideration of a US$100 million currency swap facility, a move that could bolster economic ties between the two nations. The announcement comes in the wake of Malaysian Prime Minister Anwar Ibrahim’s state visit to the Maldives on September 14-15.
During the visit, both leaders agreed in principle to initiate negotiations for a Preferential Trade Agreement (PTA), which Muizzu hailed as a significant step towards enhancing trade and creating business opportunities. The potential currency swap arrangement is expected to be facilitated by Bank Negara Malaysia and the Maldives Monetary Authority, though specific terms and mechanisms are still under discussion.
In addition to financial cooperation, discussions during the visit covered a wide range of areas, including trade and investment, education, healthcare, tourism, sustainable development, Islamic affairs, and defense. Such talks underscore the commitment of both countries to deepen their bilateral cooperation.
The two nations also agreed to strengthen their collaboration within international organizations, such as the United Nations, the Organisation of Islamic Cooperation, and the Commonwealth. This commitment highlights a joint effort to address global challenges and enhance their international presence.