Renewal of Japan-India currency swap has many positives
The renewal of the Bilateral Swap Arrangement (BSA), originally established in 2008 and later expanded, now valued at up to $75 billion, marks a significant milestone in the economic partnership between Japan and India. This agreement allows both nations to swap their local currencies for US dollars, providing a critical financial safety net against potential liquidity crises and balance of payments challenges. At a time of heightened global financial volatility, this renewed arrangement underscores the deepening strategic and economic cooperation between these two Asian powerhouses.The BSA holds immense importance for...