RBI signs currency swap agreement with Bank of Japan

Last Updated: Tue, Dec 04, 2012 08:08 hrs
A man walks past an RBI logo in front of its building in Kolkata

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.

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