Currency swap arrangement between India, Japan will strengthen financial cooperation: Chidambaram

New Delhi, Dec 19: Finance Minister P. Chidambaram on Thursday said pingthe bilateral currency swap arrangement between India and Japan will further strengthen financial cooperation between the two countries.

“On 18.12.2013, RBI Governor Dr. Raghuram Rajan signed on behalf of the Reserve Bank of India the Agreement on bilateral currency swap arrangement between RBI and Bank of Japan,” Chidambaram said in a statement issued here regarding bilateral currency swap arrangement between the Reserve Bank of India and Bank of Japan to enhance facility of currency swap from USD15 billion to USD 50 billion.

“Under the agreement, the facility of currency swap has been enhanced from USD 15 billion to USD 50 billion. Earlier, the terms had been agreed between the Indian and the Japanese sides and the Government had authorized RBI to sign the Agreement,” he said.

“Government believes that this measure will further strengthen the bilateral financial cooperation between Japan and India,” he added. (ANI)