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"Currency swap will strengthen Indo-Japan ties"

New Delhi, Dec 19 : Indian Finance Minister P Chidambaram on Thursday said the bilateral currency swap arrangement between the Reserve Bank of India and Bank of Japan will further strengthen the bilateral financial cooperation between the two Asian nations.



"On 18.12.2013, RBI Governor Dr. Raghuram Rajan signed on behalf of the Reserve Bank of India the Agreement on bilateral currency swap arrangement between RBI and Bank of Japan," Chidambaream said in a statement on Thursday.

"Under the Agreement, the facility of currency swap has been enhanced from USD 15 billion to USD 50 billion. Earlier, the terms had been agreed between the Indian and the Japanese sides and the Government had authorized RBI to sign the Agreement," he said.

The Union Finance Minister said: "Government believes that this measure will further strengthen the bilateral financial cooperation between Japan and India."

The Indian government on Wednesday approved the enhancement of the bilateral currency swap arrangement between the Reserve Bank of India (RBI) and Bank of Japan from US$15 billion to US$ 50 billion.

--IBNS (Posted on 19-12-2013)

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