Big Pact Between RBI, UAE's Central Bank For Trade In Local Currencies
NDTV
India has been promoting cross-border transactions in local currencies to reduce dependence on the US dollar.
Reserve Bank of India (RBI) and Central Bank of UAE (CBUAE) yesterday signed two agreements in Abu Dhabi to establish a framework for cross-border transactions in local currencies and interlinking of payment and messaging systems.
The agreements were exchanged between the two governors, in the presence of the Prime Minister of India Narendra Modi and Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE, the Reserve Bank said in a statement.
The memorandum of agreements (MoUs) are for 'establishing a framework to promote the use of local currencies viz. the Indian rupee (INR) and the UAE dirham (AED) for cross-border transactions' and 'cooperation for interlinking their payment and messaging systems'.
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