RBI Signs an MoU With Bank Indonesia to Promote the Use of Local Currencies for Bilateral Transactions
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Press Release No. 2023-2024/2017; Dated: 07.03.2024
The RBI and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) today in Mumbai to establish a framework promoting the use of local currencies viz., the Indian Rupee (INR) and the Indonesian Rupiah (IDR) for cross-border transactions.
The MoU was signed by the Governor of the Reserve Bank of India, Shri Shaktikanta Das and the Governor of Bank Indonesia, Mr. Perry Warjiyo. The MoU on establishing a framework for cooperation in the area of cross-border transactions in local currencies between India and Indonesia, aims to promote the use of INR and IDR bilaterally.
The MoU covers all current account transactions, permissible capital account transactions and any other economic and financial transactions as agreed upon by both countries.
This framework would enable exporters and importers to invoice and pay in their respective domestic currencies, thereby facilitating the development of an INR-IDR foreign exchange market. This collaboration represents a significant milestone in strengthening bilateral cooperation between the RBI and BI.
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