Reserve Bank of India (RBI) on 23 February 2016 extended the 2 billion US dollars SAARC Currency Swap Arrangement till 14 November 2017. The extension aims at enhacing economic cooperation and strengthens financial stability within the SAARC region.
Under this arrangement, RBI will offer Swap Arrangement up to and overall amount of 2 billion US dollar both in foreign currency and Indian rupee to SAARC nations.
RBI offered the SAARC Swap Arrangement to SAARC nations on 15 November 2012. All SAARC member countries including Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka can avail the facility.
The swap amount available to various member central banks has been arrived at broadly based on two months import cover subject to a floor of 100 million US dollar and a maximum of 400 million US dollar per country.
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