Japan and India have renewed the Bilateral Swap Arrangement (BSA), effective from February 28, 2025, for up to $75 billion.
The Bank of Japan, acting as an agent for the Minister of Finance of Japan, and the Reserve Bank of India signed the second Amendment and Restatement Agreement of the BSA, per an RBI statement.
The BSA is a two-way arrangement in which both authorities can swap their local currencies in exchange for the US dollar. The size of the BSA remains unchanged—that is, up to $75 billion.
The RBI said Japan and India believe that the BSA, which aims to strengthen and complement other financial safety nets, will further deepen financial cooperation between the two countries and contribute to regional and global financial stability.
