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Central Bank gets Rs.400mn from RBI

30 April 2015 03:38 am - 0     - {{hitsCtrl.values.hits}}

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The Central Bank said it was getting US $ 400 million from the Reserve Bank of India (RBI) through a currency swap agreement between the two countries.
The money would become available to the Central Bank from today. 
The Central Bank announced a US $ 1.5 billion currency swap with the RBI following the visit of Indian Premier Narendra Modi to Sri Lanka this March. 
The agreement in this regard was entered on March 25 between the two respective banks.
The money was made available through the RBI’s financing facility for the South Asian Association for Regional Cooperation (SAARC) member country central banks.
The rest of the swap facility amounting to US $ 1.1 billion has been approved by the Indian government’s Union Cabinet and will be made available in due course, the Central Bank said.
The Central Bank expressed its gratitude to the RBI and said the swap facility would create a stable currency market environment in the SAARC region, which in turn would boost economic ties among member countries. 

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