Currency Swap Agreement between SL & India

The Central Bank of Sri Lanka (CBSL) settled a $400 million currency swap facility from the Reserve Bank (RBI) of India.

What is a Currency Swap Facility?

The term swap means exchange.
Under this agreement, two contracting countries loan each other a specified amount in local currencies.
Currency swap agreements involve trade in local currencies, where countries pay for imports and exports at pre-determined rates of exchange without the involvement of a third-country currency like the US dollar.

Benefits of Currency Swap facility:

The swap operations carry no exchange rate or other market risks. The transaction terms are set in advance.
It reduces the need of maintaining foreign exchange reserves for bilateral trade. Thus, it promotes bilateral trade.

Source: TH

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