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Talks with India for currency swap of US$ 1 billion
View(s):The Finance Ministry will soon negotiate a facility with India to obtain US$ one billion under a currency swap programme.
A senior Treasury official said a Finance Ministry delegation would begin talks with the Indian High Commission to obtain the facility. The amount will be repayable in one year.
The facility was to be obtained earlier, but the request was turned down by the Indian government.
However, New Delhi has agreed to provide the facility again.
The moves come as the Central Bank’s foreign reserves dropped below US$ five billion.