Japan and India have renewed their Bilateral Swap Arrangement (BSA), effective February 28, 2026.

The Bank of Japan, acting on behalf of Japan’s Minister of Finance, and the Reserve Bank of India signed the third amendment and restatement agreement for the facility. The BSA allows both countries to exchange their local currencies for the US dollar under a two-way swap mechanism.

The size of the arrangement remains unchanged at up to USD 75 billion.

Both countries stated that the swap agreement is aimed at reinforcing financial safety nets, enhancing bilateral financial cooperation and supporting regional as well as global financial stability.