Foreign exchange reserves a cushion for India against virus impact: RBI guv

He stressed that a swap line was critical from the point of view of preserving global financial stability

Reserve Bank of India Governor Shaktikanta Das has asked the International Monetary Fund (IMF) to consider launching non-stigmatised currency swap lines to ease possible liquidity and financing constraints for countries that have been adversely affected by coronavirus (COVID-19). It will also preserve their access to international capital markets.

“The point is a coordinated swap line will act as a second line of defence to bolster national reserves across countries and strengthen their individual abilities to safeguard against risks that coronavirus may entail,” Das said.

He stressed that a swap line was critical from the point of view of preserving global