India, Sri Lanka sign currency swap agreementStaff writer ▼ | July 20, 2015
India's central bank, the Reserve Bank of India signed a special currency swap agreement with the Central Bank of Sri Lanka to let the latter draw $1.1 billion in six months, local media reported.
Asia Central banks signed $1.1 billion deal
Signed by officials of the two central banks in Mumbai, the arrangement is in addition to the existing Framework on Currency Swap Arrangement for the South Asian Association for Regional Cooperation (SAARC) member countries, according to Press Trust of India.
Indian Prime Minister Narendra Modi in April approved the agreement with Sri Lanka when he visited Colombo.
The framework arrangement for SAARC members has existed since 2012 to swap $2 billion among the central banks of these countries up to November this year. ■