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India and Japan have renewed bilateral swap association below which the 2 nations can swap their native currencies in alternate for the US Greenback, the Reserve Financial institution of India (RBI) mentioned.
“Japan and India renewed the Bilateral Swap Association (BSA) efficient at this time (Feb. 28, 2022),” RBI mentioned in an announcement.
The Financial institution of Japan, appearing as agent for the Minister of Finance of Japan, and the Reserve Financial institution of India signed the Modification and Restatement Settlement of the BSA, it mentioned.
The BSA is a two-way association the place each authorities can swap their native currencies in alternate for the US Greenback. The scale of the BSA stays unchanged, that’s, as much as 75 billion US {Dollars}.
“Japan and India imagine that the BSA, which goals to strengthen and complement different monetary security nets, will additional deepen monetary cooperation between the 2 nations and contribute to regional and world monetary stability,” the RBI mentioned.
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