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Business News/ News / World/  India, Japan triple currency swap arrangement to $50 billion
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India, Japan triple currency swap arrangement to $50 billion

The move is aimed at improving bilateral cooperation between the two countries

India and Japan had in December 2012 entered into a bilateral currency swap arrangement for $15 billion. Photo: Hemant Mishra/MintPremium
India and Japan had in December 2012 entered into a bilateral currency swap arrangement for $15 billion. Photo: Hemant Mishra/Mint

New Delhi: Seeking to improve bilateral cooperation, India and Japan today tripled the limit for the currency swap arrangement to $50 billion.

“The Government of India today (Wednesday) approved the enhancement of the bilateral currency swap arrangement between the Reserve Bank of India (RBI) and Bank of Japan from $15 billion to $50 billion," the finance ministry said in a statement. This measure will further strengthen the bilateral financial cooperation between Japan and India, it added.

Earlier in December 2012, the two countries had entered into a bilateral currency swap arrangement for $15 billion. This arrangement would help addressing possible short- term liquidity mismatches and supplement existing international financial arrangements. The two countries had a similar arrangement for $3 billion for three years from June 2008.

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Published: 18 Dec 2013, 09:50 PM IST
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