India approves $3 bn currency swap pact with Japan

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New Delhi, March 27: Indian ministers on Thursday approved a $3 billion currency swap agreement with Japan, a government spokeswoman said, sealing a deal for which the two countries agreed a basic framework last year.

Japan and other Asian countries have already signed bilateral currency swap deals under the Chiang Mai Initiative (CMI), a regional network of swap deals intended to prevent a repeat of the 1997/98 Asian financial crisis.