SWAP Facility

Any participant in net deficit (ACU dollar, ACU euro, and ACU yen accounts collectively) at the end of a settlement period shall be eligible to avail of the SWAP facility.

Every eligible participant shall be entitled to the facility from every other participant up to 20 percent of the average gross payments (ACU dollar, ACU euro, and ACU yen accounts collectively) made by it through the ACU mechanism to other participants during the three previous calendar years.

The rate of interest chargeable on each drawal would be equal to two months US Dollar or Euro or Japanese Yen LIBOR declared by the Inter-Continental Exchange (ICE), applicable for the concerned value date.
The potential benefits of this facility are:
(1) Easy access by participants to international reserves of other participants when foreign exchange support is needed,
(2) Availability of the facility on a multilateral basis, and
(3) Opportunity for further monetary co-operation among the Member Central Banks.








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