“In Mumbai, RBI and Bank Indonesia Forge Closer Ties, Seal Agreement to Boost Bilateral Trade Using Local Currencies. The Memorandum of Understanding (MoU) Paves the Way for an Enhanced Framework, Promoting the Adoption of Indian Rupee (INR) and Indonesian Rupiah (IDR) in Cross-Border Transactions, as Stated by the RBI.”
“This arrangement empowers exporters and importers to conduct transactions using their native currencies, fostering the growth of an INR-IDR foreign exchange market. According to RBI, adopting local currencies enhances cost efficiency and expedites transaction settlement. The Memorandum of Understanding was formalized by RBI Governor Shaktikanta Das and Bank Indonesia Governor Perry Warjiyo. The focus of this MoU is to establish a cooperative framework for cross-border transactions in local currencies between India and Indonesia, with the goal of promoting bilateral use of INR and IDR.”
“The incorporation of local currencies in bilateral transactions is poised to play a pivotal role in fostering trade relations between India and Indonesia. This move aims to not only deepen financial integration but also fortify the enduring historical, cultural, and economic ties between the two nations, contributing to the overall growth of their relationship,” the statement highlighted.
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