India-Japan to expand current bilateral currency swap arrangement

The governments of India and Japan have decided to expand the current bilateral currency swap arrangement from 15 to 50 billion US dollars.

"The two Governments expect that this will contribute to the stability of global financial markets including emerging economies. The two Governments also reiterated the importance of continued reforms in financial and investment sectors for promoting stable and long term capital inflows into India," said an India-Japan joint press statement issued by the Prime Minister's Office (PMO).

"The two Governments believe that these policy measures will strengthen the bilateral financial cooperation between Japan and India," the joint press statement adds.