Japan, India expand currency swap arrangement to $50 billion
Jan 10 2014 , Tokyo
The expanded swap arrangement, signed by Bank of Japan Governor Haruhiko Kuroda and his Indian counterpart Raghuram Rajan, will be effective until December 2015, the BOJ said in a statement on Friday.
The swap arrangement aims to counter any short-term liquidity problems the two countries may face in future.
"This expansion of the bilateral swap arrangement will contribute to the stability of global financial markets including emerging economies," the BOJ statement said.