RBI Signs Currency Swap Agreement with Maldives Monetary Authority

RBI Signs Currency Swap Agreement with Maldives Monetary Authority

• The Reserve Bank of India has signed a Currency Swap Agreement with the Maldives Monetary Authority (MMA) to enable MMA to make drawals in multiple tranches up to a maximum of $200 million from the RBI. This agreement has been signed under the SAARC Currency Swap Framework.
• The agreement will provide swap support as a backstop line of funding for short-term foreign exchange liquidity requirements.
• The SAARC currency swap facility came into operation on 15th November, 2012.
• The RBI can offer a swap arrangement within the overall corpus of USD 2 billion.
• The swap drawals can be made in US dollar, euro or Indian rupee. The framework provides certain concessions for swap drawals in Indian rupee.
• The facility will be available to all SAARC member countries, subject to their signing the bilateral swap agreements.

November Weekly Current Affairs (National) Bitbank: Which state has decided to double the pension of freedom fighters?

                         >> Download Current Affairs PDFs Here

                              Download Sakshi Education Mobile APP

Published date : 10 Dec 2022 05:51PM