The Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) signed an agreement on 21 November 2024 to put in place a framework to promote the use of local currencies- Indian Rupee (INR) and Maldives Rufiyaa (MVR) for cross-border transactions.
The Memorandum of Understanding (MoU) was signed by Reserve Bank of India Governor Shaktikanta Das and Maldives Monetary Authority Governor Ahmed Munawar.
The MoU promotes the use of Rupee and MVR in current account transactions, acceptable capital account transactions and any other economic and financial transactions agreed upon by both countries.
This collaboration is an important milestone in strengthening bilateral cooperation between RBI and MMA.
