07 March, 2020
3 Min Read
Syllabus subtopic: Effects of Liberalization on the Economy, Changes in Industrial Policy and their Effects on Industrial Growth.
Prelims and Mains focus: on the currency swap agreement and its significance
News: Reserve Bank of India (RBI) governor made a case for international multilateral agencies like the International Monetary Fund (IMF) to launch currency swaps for countries affected by the spread of COVID-19, also known as coronavirus.
A swap line was critical from the point of view of preserving global financial stability. The global economy has been hit hard by COVID-19. According to IMF projections, the outbreak’s impact on the global economy will be 0.1 per cent and 0.4 per cent on the Chinese economy.
What is the benefit?
A coordinated swap line would act as a second line of defence to bolster national reserves across nations.
What is a currency swap agreement?
What is the purpose of currency swap?
1) Exchange cash for cash vs cash for securities;
2) Exchange conditional vs unconditional swaps;
3) Exchange reserve currencies on both sides;
4) Exchange reserve currency for non-reserve currency; and
5) Exchange non-reserve currencies on both sides.
Source: Indian Express
Same-sex Marriage under the Special Marriage Act, 1954 In response to a petition filed by two gay couples seeking recognition of same-sex marriage under the Special Marriage Act of 1954, the Supreme Court has served notice to the Indian Government and Attorney General. A two-judge panel led by Chief Justice of India D Y Chandrachud issued t
Periodic Labour Force Survey 2022 The Periodic Labour Force Survey (PLFS) was just released by the National Statistical Office (NSO). In metropolitan areas, the unemployment rate decreased from 9.8% in July-September 2021 to 7.2% in July-September 2022. What are the main conclusions of the PLFS (July–September 2022)? Unemp
CITES COP19 The Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) is holding its 19th Conference of the Parties (CoP19) meeting in Panama City. A second name for CoP19 is the World Wildlife Conference. What were the Conference's High Points? 52 suggestions that would change the laws gover
Prevention of Cruelty to Animal Act The Union Government recently proposed 61 amendments to the Prevention of Cruelty to Animals Act 1960. More on the news The Ministry of Fisheries, Animal Husbandry, and Dairy has prepared the draught Prevention of Cruelty to Animals Act, (Amendment) Bill-2022. The following are the draft's ke
Dispute on the Assam-Meghalaya Border The killing of six people in an Assam police shooting comes ahead of the second phase of talks between the two states to resolve their boundary dispute, and there are fears that it will cast a long shadow over the talks. Background During the British colonial era, undivided Assam included moder
Copyright© Aspire IAS Academy. All rights reserved. Powered by CLT Technologies & Edu-Publishers Private Limited.