FreeCurrencyRates.com

इंडियन आवाज़     17 Apr 2024 02:53:05      انڈین آواز

RBI, Bank Indonesia sign MoU to promote use of local currencies for cross-border transactions

(Last Updated On: 07/03/2024)
Image

AMN

The Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) in Mumbai on Thursday for establishing a framework to promote 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 Reserve Bank of India Mr. Shaktikanta Das and the Governor of Bank Indonesia Mr. Perry Warjiyo. This collaboration marks a key milestone in strengthening bilateral cooperation between RBI and BI.

In a press release issued on Thursday, the RBI said 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. It said this will eventually contribute to promoting trade between India and Indonesia as well as deepen financial integration and strengthen the long historical, cultural and economic relations between India and Indonesia.

The RBI said the MoU covers all current account transactions, permissible capital account transactions and any other economic and financial transactions as agreed upon by both countries.

It added that this framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-IDR foreign exchange market. The use of local currencies would optimise costs and settlement time for transactions.

Leave a Reply

Your email address will not be published.

خبرنامہ

یونین پبلک سروس کمیشن نے سول سروسز امتحان 2023 کے حتمی نتائج کا اعلان کیا

،لکھنؤ کے آدتیہ سریواستو ٹاپر رہے۔ سول سروسز امتحان ...

اس انتخابی موسم میں مایاوتی، اویسی ووٹروں کے نشانے پر

ویسے تو دیکھنے میں اویسی بی جے پی اور اس کی اعلیٰ قیادت بشمول ...

MARQUEE

Singapore: PM urges married Singaporean couples to have babies during year of Dragon

AMN / WEB DESK Prime Minister of Singapore Lee Hsien Loong has urged married Singaporean couples to have ba ...

Himachal Pradesh receives large number of tourists for Christmas and New Year celebrations

AMN / SHIMLA All the tourist places of Himachal Pradesh are witnessing large number of tourists for the Ch ...

Indonesia offers free entry visa to Indian travelers

AMN / WEB DESK In a bid to give further boost to its tourism industry and bring a multiplier effect on the ...

MEDIA

 Sheyphali Sharan Takes Charge as PDG of PIB

AMN Senior Information Service Officer Sheyphali B Sharan today took over the charge of Principal Director ...

Noted Journalist Zafar Agha Passes Away

Journos shocked over his demise AMN / NEW DELHI Noted journalist and and the Editor-in-Chief Nation ...

RELIGION

Mata Vaishno Devi Bhawan Decorated With Imported Flowers Ahead Of Navratri Festival

AMN In Jammu, ahead of the festivl of Navratri, Katra and Mata Vaishno Devi Bhawan is decorated with import ...

Holy Relics of Lord Buddha Return to India After Exposition in Thailand

AMN The holy relics of Lord Buddha and his disciples Arahant Sariputta and Arahant Maha Moggallana has ret ...

@Powered By: Logicsart