Japan and India renews Bilateral Swap Arrangement of up to $75 billion

Japan and India have renewed the Bilateral Swap Arrangement (BSA) of up to $75 billion with effect from February 28, 2022.

The Bank of Japan, acting as agent for the Minister of Finance of Japan, and the Reserve Bank of India signed the Amendment and Restatement Agreement of the BSA. The BSA is a two-way arrangement where both authorities can swap their local currencies in exchange for the US Dollar. The size of the BSA remains unchanged, that is, up to 75 billion US Dollars.