RBI and Bank Indonesia signed MoU to promote use of local currencies for cross-border transactions

Category : International Published on: March 12 2024

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The Reserve Bank of India (RBI) and Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) in Mumbai to establish a framework to promote the use of local currencies.
Indian rupee (INR) and Indonesian rupiah (IDR) for cross-border transactions. The MoU was signed by Mr. Shaktikanta Das, Governor, Reserve Bank of India and Mr. Perry Wargio, Governor of Bank Indonesia.
This collaboration is an important milestone in strengthening bilateral cooperation between RBI and BI.
The MoU on establishing a framework for cooperation in the field of trans-border transactions in local currencies between India and Indonesia aims to promote the use of INR and IDR bilaterally.