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Sagar
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Sagar
Asked: December 5, 20202020-12-05T21:52:11+05:30 2020-12-05T21:52:11+05:30In: UPSC PRELIMS

What is currency swap agreement?

What is the agreement between the Central Bank of Sri Lanka and the Reserve Bank Of India(RBI)?

current affairsrbisaarc
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    1. Sakshi

      Sakshi

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      Sakshi
      2020-12-06T09:06:08+05:30Added an answer on December 6, 2020 at 9:06 am

      An agreement to expand a $400 million currency swap facility to Sri Lanka has been signed by the Reserve Bank of India. In June 2020, the forex reserves of Sri Lanka stood at $ 6.7 billion (India’s forex reserves stood at a record high of $ 517.63 billion as of 17 July 2020).

      This agreement, which is valid till 13 November 2022, was signed under the Currency Swap System 2019-22 of the South Asian Association for Regional Cooperation (SAARC).

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