India-Japan Currency Swap Arrangement

India renews its Bilateral Swap Arrangement (BSA) with Japan with effect from 28th February, 2026. The arrangement provides for a two-way swap of local currencies in exchange for the US Dollar, with the size unchanged at 75 billion US Dollars.

India-Japan Currency Swap Arrangement (BSA):

Dimension	Key Details
Nature of arrangement	Provides for a two-way arrangement where both authorities can swap their local currencies in exchange for the US Dollar.
Currency swap definition	Defined as an agreement between two central banks to exchange a cash flow in one currency against a cash flow in another currency according to predetermined conditions.
Size	Remains unchanged at 75 billion US Dollars.
Other CSAs by India	Comprises SAARC CSA (2024-27), India-UAE CSA, India-Sri Lanka CSA.