March 03, 2025 09:17 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Crucial to have Trump’s support, says Zelenskyy a day after fiery White House exchange | 'We're looking for peace, Zelenskyy wants Russia-Ukraine war to continue': Donald Trump after White House public spat | Volodymyr Zelenskyy refuses to apologise to Donald Trump after public spat over Russia-Ukraine war | 'Make a deal or we are out': Donald Trump tells Volodymyr Zelenskyy at White House | Himachal govt seeks fund from temple to support welfare schemes, BJP calls move 'shocking' | Injustice to opposition MLAs: Atishi writes to Delhi Assembly Speaker on suspension of 21 AAP lawmakers | We will leave for US tomorrow: Father of Indian student Neelam Shinde after urgent visa grant | 'Not joining BJP or floating any party': Abhishek Banerjee dismisses rumours of his split from TMC | Pune bus rape accused arrested after 75-hour manhunt | Finance Secretary Tuhin Kanta Pandey appointed as new SEBI chief
Photo Courtesy: Wikimedia Commons

RBI, Bank Indonesia sign MoU to promote local currencies for bilateral transactions

| @indiablooms | Mar 08, 2024, at 01:17 am

New Delhi: The Reserve Bank of India (RBI) and the Bank Indonesia (BI) on Thursday signed a Memorandum of Understanding (MoU) for establishing a framework to promote the use of local currencies for cross-border transactions.

The MoU was signed by the Reserve Bank of India Governor Shaktikanta Das and Bank Indonesia Governor Perry Warjiyo.

"The MoU on establishing a framework for cooperation in the area of cross-border transactions in local currencies between India and Indonesia, aims to promote the use of INR (Indian Rupee and IDR (Indonesian Rupiah) bilaterally," the RBI said in a statement.

The statement also said that the MoU covers all current account transactions, permissible capital account transactions and any other economic and financial transactions as agreed upon by both countries.

"This framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-IDR foreign exchange market. Use of local currencies would optimise costs and settlement time for transactions," the RBI said.

The official statement said that the collaboration marks a key milestone in strengthening bilateral cooperation between RBI and Bank Indonesia.

"Use of local currencies in bilateral transactions will eventually contribute to promoting trade between India and Indonesia as well as deepen financial integration and strengthen the long historical, cultural and economic relations between India and Indonesia," the statement said.

(With UNI inputs)

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm