India, UAE sign currency swap agreement, to directly trade in dirham, rupee
The Dollar Business Bureau India and the United Arab Emirates (UAE) have signed a currency swap agreement that will enable businesses from both the nations to directly trade in each other’s currency, bypassing the US Dollar or any other international currency. The signing of agreement means that business communities from both sides can save huge money as trade between the two countries reached to new highs. “India and the UAE have reached an agreement that will enable businesses in both countries to bypass the dollar and other foreign currencies and trade directly in dirhams or rupees,” said Navdeep Suri, India’s Ambassador to the UAE. “[This] means that there is a saving for the business community. It makes trade between the two countries more competitive,” ...
RBI signs $1.1 billion currency swap deal with Sri Lanka
The Dollar Business Bureau The Reserve Bank of India (RBI) on Friday signed a special currency swap agreement with the Central Bank of Sri Lanka. The move is aimed at evading any impact of possible volatility in foreign exchange on the bilateral trade. The new agreement which will be valid for six months is in addition to the existing framework on currency swap arrangement for the member countries of SAARC (South Asian Association for Regional Cooperation), RBI said in a statement. As per the agreement, the Central Bank of Sri Lanka can draw up to USD 1.1 billion from RBI for a period of six months. In March this year, the Reserve Bank had already signed a currency swap agreement with the ...
India-Sri Lanka enter into a currency swap agreement
The Dollar Business Bureau The Prime Minister of India, Narendra Modi, on Friday said the economic ties form a key pillar for a strong relation between India and Sri Lanka. Addressing media in Colombo during his visit to the island nation, the Indian Prime Minister shared India’s commitment towards effective enhancement of trade cooperation with Sri Lanka. Narendra Modi informed that the customs authorities of India and Sri Lanka came to an agreement on Friday, while expressing hope that the move will simplify trade and remove non-tariff barriers between the two economies. Modi further informed that Lanka IOC, Indian Oil’s subsidiary in Sri Lanka, and Ceylon Petroleum Corporation, have also agreed to develop Upper Tank Farm of the China Bay ...
