Japan, India enter bilateral swap agreement

Written by Agencies | Mumbai, June 30: | Updated: Jun 30 2008, 21:02pm hrs
India and Japan concluded a bilateral arrangement for swapping of local currencies against the US dollar for up to USD 3 billion.

The Bank of Japan and the Reserve Bank of India signed the agreement for addresing the short-term liquidity difficulties and supplementing the existing international financial arrangements, the RBI said in a release.

The move will also help in strenghtning the ties between the countries.

The countries will have bi-annual consultations on economic and financial conditions with the swap arrangement in effect.