Fri, Mar 14 03:14 PM
NEW DELHI (Reuters) - India is yet to finalise a bilateral pact with Japan for a currency swap of up to $3 billion that could be used to meet temporary problems in balance of payment, a junior finance minister said on Friday.
In a written reply to parliament, Pawan Kumar Bansal said a final decision on the matter was yet to be taken. Last year, the two countries agreed on a basic framework of the currency swap deal.
Japan and other Asian countries have already signed bilateral currency swap deals under the Chiang Mai Initiative (CMI), a regional network of swap deals intended to prevent a repeat of the 1997/98 Asian financial crisis.
The agreements allow a country that finds itself with short-term liquidity problems, such as a sudden withdrawal of funds by offshore investors, to borrow foreign exchange reserves to absorb heavy selling pressure on its currency.
If you are young, have a hectic social life where you drink and party, and have applied for a job, chances are you will lose out to someone who is a teetotaler.
| Copyright © Yahoo Web Services India Pvt Ltd. All rights reserved. Questions or Comments Privacy Policy -Terms of Service - Copyright Notice |
