RBI signs currency swap agreement with Bank of Japan
MUMBAI (Reuters) - The Reserve Bank of India signed a currency swap agreement with Bank of Japan to swap their local currencies against the U.S. dollar for up to $15 billion, a statement said on Tuesday.
"The arrangement aims at addressing short-term liquidity difficulties and supplementing the existing international financial arrangements," the RBI said.
The bilateral swap arrangement is for a period of three years. The two countries had earlier signed a similar pact for up to $3 billion from June 2008 to June 2011. (Reporting by Neha Dasgupta; Editing by Anupama Dwivedi)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
Prime Minister Narendra Modi has fired the country's highest ranking diplomat and replaced her with India's ambassador to the United States, a day after a successful visit by U.S. President Barack Obama. Full Article
Samsung Elec's smartphone primacy under threat from Apple after weak Q4. Full Article