India, Japan strengthen economic ties with $75 billion currency swap agreement

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India, Japan strengthen economic ties with $75 billion currency swap agreement

In Reports
06:17 PM, Feb 28, 2025
Myind Staff

India and Japan have extended their $75 billion currency swap agreement, as announced by the Reserve Bank on Friday.

The Bilateral Swap Arrangement (BSA) is an agreement between the two countries, allowing them to exchange their local currencies for US dollars.

The Bank of Japan, on behalf of Japan's Minister of Finance, and the Reserve Bank of India have signed the Second Amendment and Restatement Agreement of the Bilateral Swap Arrangement (BSA), according to the central bank. The updated BSA will take effect on Friday, February 28, 2025. The RBI stated that the size of the BSA will remain the same, at up to 75 billion US dollars.

Japan and India stated that the BSA is designed to enhance and support other financial safety measures. They believe it will strengthen financial cooperation between the two countries and help maintain stability in both the region and the world.

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