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Proposal to provide a two year extension with amendments to the Framework on Currency Swap Arrangement for SAARC member countries upto November 14 2017 and extension thereafter if necessary

Dated:- 18-11-2015 - The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval for the proposal to provide a two year extension with amendments to the 'Framework on Currency Swap Arrangement for SAARC Member Countries' upto November 14, 2017, and extension thereafter, if necessary, by Finance Minister. Under the facility, RBI offers swaps of varying sizes to each SAARC Member countries (Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka) .....

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operational details bilaterally with Central Banks of the respective SAARC countries. These bilateral agreements would be signed by RBI after obtaining prior Government approval. Any amendment to the Framework will require prior approval of Finance Minister. The Framework on Currency Swap Arrangement for SAARC member countries has enabled India to strengthen its ties with the SAARC countries. The arrangement will further financial stability in the region, besides improving the standing and credi .....

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