Reserve Bank of India (RBI) on 23rd February 2016 extended the Two billion US dollars SAARC Currency Swap Arrangement till 14th November 2017. The extension aims at enhacing economic co-operation and strengthens financial stability within the SAARC region.
Under this arrangement, Reserve Bank of India will offer Swap Arrangement up to and overall amount of Two billion US dollar both in foreign currency & Indian rupee to SAARC nations.
Reserve Bank of India offered the SAARC Swap Arrangement to SAARC nations on 15th November 2012. All SAARC member countries including the Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan & Sri Lanka can avail the facility.
Swap amount available to various member central banks has been arrived at broadly based on 2 months import cover subject to a floor of 100 million US dollar and a maximum of 400 million US dollar per country.
RBI extended SAARC Currency Swap Arrangement
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