Task Force on local currency swap to meet tomorrow

September 10, 2013 07:45 pm | Updated June 02, 2016 10:55 am IST - NEW DELHI

Following the successful $50 billion currency swap agreement with Japan, a task force set up to identify key trading nations for local currency swap arrangement by the Commerce Ministry will meet on Wednesday, and deliberate on how to take forward the issue of shortlisting countries.

The task force, comprising officials from the Finance and Commerce Ministries, Reserve Bank of India (RBI), State Bank of India and industry bodies such as FICCI and CII, will put their heads together to explore the possibility of currency swap agreements with the main trading partners of India. It would also look into the mechanism for trading of goods in local currencies.

“The task force will meet tomorrow and deliberate on a possible mechanism for trading of goods in local currencies,’’ a Commerce Ministry official said here.

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