RBI Introduces Rs 25,000 Crore Currency Swap Window for SAARC Nations

Mumbai: The Reserve Bank of India (RBI) on Thursday announced that it has with the concurrence of the government of India, introduced a Rs 25000 crore ($3 billion) currency swap window for nations that are part of the South Asian Association for Regional Cooperation (SAARC). The RBI revised its SAARC currency swap framework to introduce the rupee swap window with various concessions for 2024 to 2027.

The RBI will continue to offer swap arrangements in U.S. dollar and euro under a separate window with an overall corpus of $2 billion. Apart from India, the other SAARC member countries are Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka.