Monday July 17 2023

News Source: Global Exchanges

Focus: General - Global Exchanges

Type: General

Country: International

Link: https://tinyurl.com/ytw5bf9z




On 15th July 2023, the Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed two MoUs 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.

The MoU on establishing a framework for the use of local currencies for transactions between India and the UAE aims to put in place a Local Currency Settlement System (LCSS) to promote the use of INR and AED bilaterally.

The MoU covers all current account transactions and permitted capital account transactions. This arrangement promotes investments and remittances between the two countries. The two MoUs are aimed at facilitating seamless cross border transactions and payments and fostering greater economic cooperation between the two countries.

Click on the above link for further information