Wednesday, December 28, 2011

Japan, India sign currency swap deal



Japanese PM Yoshihiko Noda (L) and Indian PM Manmohan Singh in New Delhi on December 28, 2011

Source: Press TV
http://www.presstv.ir/detail/218210.html

Japanese Prime Minister Yoshihiko Noda has signed a 15-billion-dollar currency swap agreement with India to shore up Indian rupees.

"I am convinced we need to strengthen the economic partnership," Noda said during his visit to New Delhi on Wednesday.

"Japan and India will expand their currency swap from a current USD3 billion to USD15 billion," the Japanese premier announced.

Indian Prime Minister Manmohan Singh said he was "extremely happy" with the outcome of his talks with Noda.

Under the currency swap, Tokyo could lend New Delhi dollars to defend the ailing rupee. The deal is an expansion of a USD3 billion accord that expired earlier this year.

With USD1.2 trillion in foreign currency reserves, Japan has been moving to enhance its global financial role and struck a similar swap deal with South Korea in October.

The currency agreement is an extra weapon for India, which has USD300 billion in reserves, to use for propping up the rupee.

The rupee has slid 15 percent against the dollar this year as overseas investors have withdrawn funds as they hunt for safe havens in the midst of the global financial turmoil.

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russia Today (Live)

World News 2017

South Front Military Review 2017

Syria - News 2017

US News 2017

The Russian Perspective

Debate – Global Issues 2017

Current Affairs - Important Interviews – 2017

Important Information 2016 - 2017

Yemen News 2017

Turkey News 2017

Ukraine News 2016 - 2017

Palestine & Israeli Crime 2017

Iraq News 2017

Iran News 2016 - 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Abby Martin – Empire Files

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Sheik Imran Hosein - Islamic Eschatology

George Galloway – Comment & Opinion

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at livestream.com

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)