Sri Lanka’s Central Bank Gets USD 400 Million Swap From RBI

Sri Lanka’s Central Bank announced that the Reserve Bank of India (RBI) has agreed to provide USD 400 million under a swap arrangement to boost the island nation’s reserves.

It stated that a further request to the RBI for another SWAP arrangement of USD 1 billion is “under consideration”. These are to be made available under the SAARC SWAP facility. The RBI has agreed to provide the funds under its SAARC (South Asian Association for Regional Cooperation) Swap Facility. 

Source- AIR World Service

Static/Current Takeaways Important For IBPS Clerk Mains Exam:

  • Sri Lanka’s central bank is called as Central Bank of Sri Lanka.
  • It was established in 1950 under the Monetary Law Act No. 58 of 1949 (MLA) as a semi-autonomous body.
  • Dr. Indrajit Coomaraswamy is the Governor of CBS.

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