December 4, 2012 / 7:37 AM / 5 years ago

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)

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