The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval for the proposal to provide a two year extension with amendments to the 'Framework on Currency Swap Arrangement
for SAARC Member Countries' upto November 14, 2017, and extension thereafter, if necessary, by Finance Minister.
This is in addition to the existing framework on Currency Swap Arrangement
for the SAARC member countries.
The authorities of Japan and Korea agreed that the bilateral swap arrangement
between the Bank of Japan, acting as the agent for the Minister of Finance of Japan, and the Bank of Korea, will expire on February 23 as scheduled," the ministry said in a statement.
The National Bank of Kazakhstan and the People's Bank of China have done the Agreement on the Organization of Settlements and Payments, and the Kazakh Tenge / Chinese Yuan Bilateral Currency Swap Arrangement
, the Kazakh central bank said Monday.
Saif Al Shamsi, assistant governor for monetary policy and financial stability at the Central Bank of the UAE, said that his institution and the Chinese central bank were now eager to "activate" their swap arrangement
The Chiang Mai Initiative - which started as a series of bilateral swap arrangements
in 2000 and has, over the last 14 years, developed into a multilateral currency swap arrangement
- was the obvious way to improve cooperation, although it had its skeptics.
Chidambaram on Thursday said pingthe bilateral currency swap arrangement
between India and Japan will further strengthen financial cooperation between the two countries.
The CMI -- which groups the 10 Association of Southeast Asian Nations (Asean) member countries plus China, Japan, and South Korea -- is a currency swap arrangement
worth a total of $240 billion.
The swap arrangement
has been established in the context of rapidly growing bilateral trade and investment between the euro area and China, as well as the need to ensure the stability of financial markets," the ECB said.
Bangkok, Muharram 27, 1433, Dec 22, 2011, SPA -- Chinese Vice President Xi Jinping arrived in Thailand Thursday for a three-day visit, the highlights of which would include the signing of agreements on a high-speed train project and a currency swap arrangement
to facilitate bilateral trade, dpa reported.
In July last year, the People's Bank of China and the Monetary Authority of Singapore announced the establishment of a bilateral currency swap arrangement
for the purpose of promoting bilateral trade and direct investment for economic development of the two countries.
Excluding the amount of outstanding Treasury bills in the swap arrangement
, the Norwegian government securities market amounts to around 14% of GDP.