.......RBI Governor Dr D Subbarao announced formation of a $2 billion swap arrangement fund at the 24th Saarc finance governors' meeting in Pokhara, Nepal last week. The facility will be available in three instalments. “India has set the interest rates for the fund as it has provided the entire fund,” said the BB official, pointing at a higher interest rate. However, he said the fund is less costly than loans, such as Islamic Development Bank that charges a 5 percent interest rate..................
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