India, Japan triple currency swap arrangement to $50 billion
The move is aimed at improving bilateral cooperation between the two countries
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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