Swap Facility for SAARC Nations

The Union Cabinet on January 23 gave ex-post facto approval for incorporating a $400-million ‘Standby Swap’ facility within the existing approved overall $2 billion currency swap arrangement for SAARC member-countries.

Highlights

  • Standby Swap: This incorporation of ‘Standby Swap’ would provide the necessary flexibility to the current ‘framework on currency swap arrangement’ and enable India
  • to provide a prompt response to the request from SAARC member- countries for availing themselves of the swap amount exceeding the present limit prescribed under the SAARC Swap Framework.
  • Short-term Requirement: Given the heightened financial
  • risk and volatility in the global economy, short-term swap requirements of SAARC countries could ....

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