The Reserve Bank of India (RBI) has extended the duration of the US$ 400 million currency swap that was granted to the Central Bank of Sri Lanka (CBSL).
The Indian High Commission in Colombo said the duration of the currency swap from India concluded in January this year.
The duration has been extended by the RBI as ongoing currency support to Sri Lanka, it said in a Tweet.
The High Commission announced that the currency support has been granted as part of India’s continuous unstinted and multi-faceted support to Sri Lanka.
“#India‘s unstinted and multi-faceted support to #Srilanka continued. As ongoing currency support, @RBI extended the duration of the US$ 400 million currency swap for @CBSL which was concluded in #January this year,” the Indian High Commission in Colombo Tweeted.
The Reserve Bank of India and Central Bank of Sri Lanka had concluded a US$ 400 million Currency Swap agreement on 24 July 2020 under the SAARC Currency Swap Framework.
This swap facility was drawn by the CBSL on 31 July 2020 for an initial period of three months. A 3-month rollover was provided at the CBSL’s request till 01 February 2021. (NewsWire)