India and Sri Lanka on Friday agreed for US $400 million currency swap agreement.
The agreement signed by Reserve Bank of India extends the swap facility for Sri Lanka till November 2022.
The development comes as a relief to Sri Lanka amidst COVID-19 and will help in its post-pandemic economic recovery.
A currency swap is a transaction in which two parties exchange principal and interest in different currencies. Companies doing business abroad often use currency swaps to get more favourable loan rates in the local currency than if they borrowed money from a local bank.
For example, if Sri Lanka borrows Rs 100 from India and promises to repay Rs 100 in Indian currency but interest in dollars or vice versa, both parties benefit by hedging against interest rates.
India agrees for $400 million currency swap with Sri Lanka
25 Jul 2020
India agrees for $400 million currency swap with Sri Lanka
25 Jul 2020
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Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!