India, Japan Renew $ 75 Bilateral Currency Swap Deal for Economic Stability:

India, Japan Renew $ 75 Bilateral Currency Swap Deal for Economic Stability India and Japan have renewed their $75 billion currency swap agreement, the Reserve Bank announced on Friday. This agreement called the Bilateral Swap Arrangement (BSA), allows both countries to exchange their local currencies for US dollars when needed. This renewed BSA is effective from 28 February 2025. The Bank of Japan, on behalf of Japan's Minister of Finance, and the Reserve Bank of India have signed the Second Amendment and Restatement Agreement of the Bilateral Swap Arrangement (BSA), according to the central bank. The RBI said that the size of the BSA will remain the same, up to 75 billion US dollars. The RBI stated that Japan and India believe the BSA will help strengthen and support financial safety nets. It will also deepen financial cooperation between the two countries and help maintain regional and global financial stability.