Central bank of India and Sri Lanka, sign currency swap agreement worth 700 million dollars
The RBI has provided currency swaps for the Central Bank of Sri Lanka previously, where they had planned to extend the $1.5 billion agreement by another year
The RBI on Tuesday has announced that it would allow its Sri Lankan equivalent to withdraw as much as $700 million in a span of three months. This arrangement is possible under a new special swap currency agreement that has been signed by both the central banks. The RBI has provided currency swaps for the Central Bank of Sri Lanka previously, where they had planned to extend the $1.5 billion agreement by another year. RBI in a statement said, “This special arrangement is in addition to the existing Framework on Currency Swap Arrangement for the SAARC Member Countries.” Sri Lanka is asking for a loan of $1.5 billion from International Monetary fund, with a view to increase its foreign exchange and also help prevent the balance of the payment. The country is struggling with debts piled upon it by the previous government. It has also witnessed foreign exchange being exhausted by the central bank in defence of its Sri Lankan rupee. RBI has also announced special measures during the annual closing of bank accounts on 30 and 31st of March. A press release said that, “Taking into account the extended banking hours for conducting Government business on March 30 and 31, 2016, and with a view to providing flexibility to the banking system for its liquidity management, the Reserve Bank has decided to modify the timings of Reverse Repo and MSF operations to be conducted on March 30 and 31, 2016,"
March 30, 2016 | 04:00pm IST
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