RBI signs $400 million Currency Swap with Sri Lanka
- The Reserve Bank of India (RBI) has signed a $400-million currency swap facility with Sri Lanka under the SAARC Currency Swap Framework 2019-22.
- The term Swap means exchange. Under this, a country provides dollars to a foreign central bank which at the same time provides the equivalent funds in its currency to the former based on the market exchange rate at the time of the transaction.
- The parties agree to swap back these quantities of their two currencies at a specified date in the future which could be the next day or even two years later using the same exchange rate ....
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