RBI and Central Bank of UAE sign MoU to consider Currency Swap agreement

Terms and conditions of the Agreement will be firmed up through technical level discussions between the two central banks.

The Reserve Bank of India, in consultation with the Government of India, signed a Memorandum of Understanding (MoU) with the Central Bank of the United Arab Emirates to consider entering into a bilateral Currency Swap Agreement subject to the concurrence of the respective Governments.

Terms and conditions of the Agreement will be firmed up through technical level discussions between the two central banks.

The MoU to this effect was signed by Governor Dr. Raghuram G. Rajan on behalf of the Reserve Bank and Governor H.E. Mubarak Rashed Al Mansoori on behalf of the Central Bank of United Arab Emirates at the Reserve Bank headquarters in Mumbai.

The proposed agreement will further strengthen the close economic relationship and cooperation between India and the United Arab Emirates.