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

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

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

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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.
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