RBI and Bank of Mauritius sign MoU to promote use of local currencies for cross-border trade
The Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have signed a Memorandum of Understanding (MoU) to establish a framework to promote the use of local currencies -- the Indian Rupee (INR) and the Mauritian Rupee (MUR) -- for cross-border transactions. The MoU, which aims to promote the use of INR and MUR in bilateral trade, covers all current account transactions and permissible capital account transactions as agreed upon by both the countries, according to an RBI statement. “This framework would enable exporters and importers to invoice...