date:Aug 02, 2023
Last weekend, the Reserve Bank of India (RBI) and the Central Bank of United Arab Emirates (CBUAE) signed two memorandums of understanding. The first MoU was for establishing a framework to promote the use of local currencies, i.e., the Indian rupee (INR) and the UAE dirham (AED) for cross-border transactions. The second MoU was for cooperating on interlinking their payment and messaging systems. Both MoUs are a step forward towards internationalising the INR and the Indian payment system.
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