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Japan:
Second India-Japan strategic dialogue on economic issues
China:
India-Brazil-South Africa to cooperate in health sector
South Korea:
South Korea Gives US Beef The All Clear
India:
Indian government approves re-structured APDRP
Pakistan:
Restoration of Indo-Pak dialogue to push trade
Singapore:
India-Brazil-South Africa to cooperate in health sector
Thailand:
Fastest Growth for Thailand Economy in Six Quarters
Taiwan:
Taiwan Enjoy Expanded Trade Surplus
Indonesia:
Central Bank Chief Of Indonesia Detained
Malaysia:
Malaysia economy grows and banking liberalises
Friday, March 28, 2008
Currency swap agreement between India and Japan
by Jo BlackIndian federal government gave its approval for authorizing the Reserve Bank of India to sign the proposed Currency Swap Agreement with the Bank of Japan to exchange an amount of US $ 3 billion against the respective domestic currency for mitigating short term Balance of Payment (BOP) problem.
The actual draw down will be effected by RBI when the Government judges that it should be drawn down, after consulting RBI.
It is an additional arrangement outside IMF to meet for short term liquidity in US $ during a Balance of Payment crisis.
It is a cost effective tool of achieving the strategic objective of demonstrating regional cooperation.
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