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​RBI signs currency swap agreement with SL Central Bank

18 July 2015 01:34 pm - 4     - {{hitsCtrl.values.hits}}

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The Reserve Bank of India (RBI) on Friday signed a Special Currency Swap Agreement with the Central Bank of Sri Lanka. Under the arrangement, the Central Bank of Sri Lanka can draw up to $1.1 billion for a maximum period of six months.

The proposal to extend the additional currency swap facility of $1.1 billion for a limited period was decided by the Union Government in April 2015 based on the recommendation of the Reserve Bank of India for mitigating the possible currency volatility in the spirit of strengthening India’s bilateral relations and economic ties with Sri Lanka.

This special arrangement is in addition to the existing Framework on Currency Swap Arrangement for the SAARC (South Asian Association for Regional Co-operation) Member Countries. SAARC has eight member countries – Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.

On March 25, 2015, the Reserve Bank of India had signed a Currency Swap Agreement with the Central Bank of Sri Lanka for $400 million under the existing SAARC Currency Swap Framework within the overall limit of USD 2 billion.

The swap arrangements are intended to provide a backstop line of funding for the SAARC member countries to meet any balance of payments and liquidity crises till longer term arrangements are made or if there is need for short-term liquidity due to stressed market conditions.(The Hindu)

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  Comments - 4

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka
  • Amila Saturday, 18 July 2015 07:08 PM

    Always talking about rupees.

    Sikuru Saturday, 18 July 2015 09:26 PM

    This will keep the rupee balanced during the period of political uncertainty leading up to the elections

    patriot Saturday, 18 July 2015 10:28 PM

    Ranil and the infamous gang to rob again before exit. ;)

    Cheers Sunday, 19 July 2015 03:19 AM

    Who is the biggest beneficiary of the loan and this needs investigation by FCID today


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Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

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