AGL 40.03 Increased By ▲ 0.03 (0.08%)
AIRLINK 127.50 Increased By ▲ 0.46 (0.36%)
BOP 6.69 Increased By ▲ 0.02 (0.3%)
CNERGY 4.50 Decreased By ▼ -0.01 (-0.22%)
DCL 8.47 Decreased By ▼ -0.08 (-0.94%)
DFML 41.95 Increased By ▲ 0.51 (1.23%)
DGKC 86.73 Decreased By ▼ -0.12 (-0.14%)
FCCL 32.01 Decreased By ▼ -0.27 (-0.84%)
FFBL 64.94 Increased By ▲ 0.14 (0.22%)
FFL 10.15 Decreased By ▼ -0.10 (-0.98%)
HUBC 109.60 Increased By ▲ 0.03 (0.03%)
HUMNL 14.72 Increased By ▲ 0.04 (0.27%)
KEL 5.13 Increased By ▲ 0.08 (1.58%)
KOSM 7.20 Decreased By ▼ -0.26 (-3.49%)
MLCF 41.40 Increased By ▲ 0.02 (0.05%)
NBP 59.90 Decreased By ▼ -0.51 (-0.84%)
OGDC 195.35 Increased By ▲ 5.25 (2.76%)
PAEL 28.32 Increased By ▲ 0.49 (1.76%)
PIBTL 7.75 Decreased By ▼ -0.08 (-1.02%)
PPL 151.50 Increased By ▲ 1.44 (0.96%)
PRL 26.55 Decreased By ▼ -0.33 (-1.23%)
PTC 16.10 Increased By ▲ 0.03 (0.19%)
SEARL 78.06 Decreased By ▼ -7.94 (-9.23%)
TELE 7.46 Decreased By ▼ -0.25 (-3.24%)
TOMCL 35.43 Increased By ▲ 0.02 (0.06%)
TPLP 8.09 Decreased By ▼ -0.03 (-0.37%)
TREET 16.15 Decreased By ▼ -0.26 (-1.58%)
TRG 52.97 Decreased By ▼ -0.32 (-0.6%)
UNITY 26.69 Increased By ▲ 0.53 (2.03%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,941 Increased By 57.3 (0.58%)
BR30 30,924 Increased By 324.3 (1.06%)
KSE100 93,845 Increased By 489.4 (0.52%)
KSE30 29,071 Increased By 140.4 (0.49%)

Japan and India agreed on Friday to set up a $6 billion bilateral currency swap facility to ward off any future financial crisis, Japanese media reported.
Japanese Finance Minister Fukushiro Nukaga and his Indian counterpart Palaniappan Chidambaram met in New Delhi on Friday to confirm the framework and the two nations would launch the facility in the spring, Kyodo news agency quoted Japanese officials as saying in New Delhi.
The idea is to allow a country that finds itself with short-term liquidity problems to borrow from its partners' foreign reserves to absorb heavy selling pressure on its currency. Under the framework, Japan would swap up to $3 billion for Indian rupee to prevent any currency crisis in India. India would swap up to $3 billion for yen if Japan were in trouble, Japanese media reported.
The two countries agreed on a basic framework for a currency swap deal in August, but the size of the facility and the timing of its launch were not finalised then. Nukaga and Chidambaram also agreed that the two countries will hold working-level talks twice a year to examine each other's macroeconomic conditions, Japanese media reported.

Copyright Reuters, 2008

Comments

Comments are closed.