What is SAARC Currency Swap Framework?: A Currency Swap Framework is an agreement in which two parties exchange the principal amount of a loan and the interest in one currency for the principal and interest in another currency for the US Dollar. SAARC Currency Swap Framework is relevant for both UPSC Prelims and Mains.
SAARC Currency Swap Framework covers both Economy Section and IR section. It covers – GS 2: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests. It also covers – GS 3: Economy.
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Q. Who are SAARC Members?
Ans. Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka are part of SAARC grouping.
Q. When SAARC Currency Swap Framework came into operation?
Ans. The SAARC Currency Swap Framework came into operation on November 15, 2012.
Q. What is a currency Swap Framework?
Ans. A currency Swap Framework between countries is an agreement to exchange currencies with predetermined terms and conditions.
Q. What is Bilateral Swap Arrangement?
Ans. Bilateral Swap Arrangement(BSA) is a two-way arrangement where both authorities can swap their local currencies in exchange for the US Dollar.
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