RBI, Maldives Monetary Authority sign pact to promote use of local currencies
RBI and the Maldives Monetary Authority on Thursday signed an agreement here for establishing a framework to promote the use of local currencies — the Indian Rupee and the Maldivian Rufiyaa (MVR) for cross-border transactions. The Memorandum of Understanding (MoU) was signed by Governor of Reserve Bank of India Shaktikanta Das and Governor of Maldives Monetary Authority Ahmed Munawar.
«The MoU encourages the use of INR and MVR in current account transactions, permissible capital account transactions and any other economic and financial transactions as agreed upon by both countries,» the RBI said in a statement.
This framework would enable exporters and importers to invoice and settle in their respective domestic currencies, which in turn would enable the development of trading in the INR-MVR pair in foreign exchange market.
Use of local currencies would optimise costs and settlement time for transactions, the RBI added.
«This collaboration marks a key milestone in strengthening bilateral cooperation between RBI and MMA,» it said.
Finance
A2Z Of Finance: Finance Beginner Course
By — elearnmarkets, Financial Education by StockEdge
Web Development
Mastering Full Stack Development: From Frontend to Backend Excellence
By — Metla Sudha Sekhar, IT Specialist and Developer
Data Science
SQL Server Bootcamp 2024: Transform from Beginner to Pro
By — Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
AI and Analytics based Business Strategy
By — Tanusree De, Managing Director- Accenture Technology Lead,
