Currency Swap Agreement Framework revised For SAARC
The Reserve Bank of India (RBI) has decided to further economic cooperations within the South Asian Association for Regional Cooperation (SAARC) member countries, the framework on currency swap agreement has been revised on Tuesday, November 26, 2019.
The currency swap facility for the SAARC member countries came into effect on 15th November 2012.
The current revised framework will be valid until 13th November 2022. Under the revised framework: Swap drawals can be made in Indian Rupee, US dollar or in Euro with a certain concession to be offered for drawals made in Indian Rupee.
SAARC headquartered in Dhaka, Bangladesh was founded on 8th December 1985. Its member countries are- India, Bhutan, Afghanistan, Pakistan, Sri Lanka, Maldives, Nepal, and Bangladesh.
Category: Economy & Banking Current Affairs