The text of the Statement issued by the Union Finance Minister Shri P. Chidambaram here today regarding Bilateral Currency Swap Arrangement between the Reserve Bank of India and Bank of Japan to enhance facility of currency swap from US $15 billion to US $ 50 billion is as follows:

“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.

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.

Government believes that this measure will further strengthen the bilateral financial cooperation between Japan and India.”

Bilateral currency swap arrangement expanded to broaden the facility and reinforce bilateral financial cooperation and liquidity support. Bilateral currency swap arrangement between the Reserve Bank of India and the Bank of Japan has been revised to enhance the currency swap facility from USD 15 billion to USD 50 billion, executed by the RBI Governor under terms agreed by both sides and with Government authorization, increasing available swap lines to expand foreign currency liquidity and central-bank coordination.