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India - Japan ink currency swap agreement

Mumbai: December 5,2012

India and Japan have signed a currency swap agreement for up to USD 15 billion to address short-term liquidity problems. The bilateral swap arrangement (BSA) between the Reserve Bank of India and the Bank of Japan signed Tuesday, enables both countries to swap their local currencies -the Japanese yen or the Indian rupee against US dollar for an amount up to US$15 billion. The arrangement aims at addressing short-term liquidity difficulties and supplementing the existing international financial arrangements, as one of the efforts in strengthening mutual cooperation between Japan and India" said RBI in a statement in Mumbai.

 

The arrangement will be for a period of three years.

 

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