RBI announces the extension of SAARC Swap Arrangement
Date : Feb 23, 2016
To further financial stability and economic cooperation within the SAARC region, the Reserve Bank of India has, with the concurrence of the Government of India, decided to extend the SAARC Currency Swap Arrangement till November 14, 2017.
It may be recalled that the SAARC Swap Arrangement was offered by the RBI to SAARC nations on November 15, 2012. Under this arrangement, RBI will offer Swap Arrangement up to and overall amount of US $ 2 billion both in foreign currency and Indian rupee. The facility will be available to all SAARC member countries, viz., Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka. The swap amount available to various member central banks has been arrived at broadly based on two months import cover subject to a floor of US$ 100 million and a maximum of US$ 400 million per country.
Press Release: 2015-2016/1993