Economy
Following the Maldivian government's repayment of the final $50 million of the $150 million treasury bill issued to the Maldives through the State Bank of India (SBI), India's Ministry of External Affairs spokesperson Randhir Jaiswal confirmed on September 18, 2026, that the Indian government had paid approximately $45 million incurred as interest over the past five years. As the Bank of Maldives (BML) prioritised essential needs to maintain dollar liquidity and set a $16 million monthly ceiling for e-commerce transactions, businesses have faced significant delays in transferring dollars to other banks and abroad.
The Government of India has paid 45 million dollars owed as interest on treasury bills sold to the State Bank of India (SBI) in 2019 to secure budget support funds for the Maldives. This assistance, revealed on 18 September 2026, is financial aid provided by India to help service Maldives' debt and provide relief from financial difficulties. As a result of this measure, relief was gained from a substantial amount that had to be spent from the Maldivian state budget to pay interest. The arrangement of these funds by the Indian government within the framework of relations between the two countries is significant support gained towards stabilizing the economic and financial situation of the Maldives.
On September 18, 2026, it became impossible to transfer businessmen's dollars held in Bank of Maldives (BML) accounts to other banks. As a result of this, businessmen have faced significant difficulties in transferring dollars to other banks via BML. Additionally, in connection with this issue, obstacles have arisen in conducting business transactions and circulating foreign currency.