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India, Sri Lanka sign currency swap agreement

Xinhua, July 18, 2015 Adjust font size:

India's central bank, the Reserve Bank of India Friday signed a special currency swap agreement with the Central Bank of Sri Lanka to let the latter draw 1.1 billion U.S. dollars in six months, said local media.

The agreement is aimed at helping Sri Lanka in availing a safety net against the probable volatility of its currency and providing short-term liquidity that would contribute to Sri Lanka' s economic recovery.

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 U.S. dollars among the central banks of these countries up to November this year. Endi