India signs Currency Swap Agreement with SL


The Reserve Bank of India yesterday signed a 400 million dollar Currency Swap Agreement with the Central Bank of Sri Lanka.

The agreement, which will be valid for a period of three years from the date of signing, is expected to further economic co-operation between the two countries.

The arrangement will also further the financial stability in the region.

During Indian Prime Minister Narendra Modi's visit to Sri Lanka earlier this month, the RBI and the Central Bank agreed to enter into a Currency Swap Agreement of 1.5 billion dollars to help keep the Sri Lankan rupee stable.