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India, UAE encourage usage of local currencies for international transactions
(MENAFN) In order to encourage the usage of local currencies for international transactions as well as to cooperate on integrating their payment or messaging systems, the United Arab Emirates and India inked contracts.
In front of leader Sheikh Mohamed and Indian Premier Narendra Modi, the contracts were inked on Saturday by Khaled Balama, Governor of the United Arab Emirates Central Bank, as well as Shaktikanta Das, Governor of the Reserve Bank of India.
According to a release on the RBI website, the deal intends to establish a local currency settlement system (LCSS) to encourage the usage of the Indian rupee as well as the dirham on a bilateral basis.
“The agreement covers all current account transactions and permitted capital account transactions,” it stated.
“Creation of the LCSS would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-AED foreign exchange market.”
In front of leader Sheikh Mohamed and Indian Premier Narendra Modi, the contracts were inked on Saturday by Khaled Balama, Governor of the United Arab Emirates Central Bank, as well as Shaktikanta Das, Governor of the Reserve Bank of India.
According to a release on the RBI website, the deal intends to establish a local currency settlement system (LCSS) to encourage the usage of the Indian rupee as well as the dirham on a bilateral basis.
“The agreement covers all current account transactions and permitted capital account transactions,” it stated.
“Creation of the LCSS would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-AED foreign exchange market.”
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