India–Japan Bilateral Currency Swap Agreement (BSA)
India and Japan recently renewed their Bilateral Currency Swap Arrangement (BSA), which came into effect on 28 February 2026. According to the announcement by the Reserve Bank of India, the size of the agreement has been maintained at USD 75 billion, making it one of the largest bilateral currency swap arrangements in the world. The agreement allows the central banks of both countries to exchange their local currencies for foreign currency liquidity during financial stress.
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