India, UAE to set up rupee-dirham trade mechanism to settle bilateral transactions

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India and the United Arab Emirates (UAE) have signed a Memorandum of Understanding (MoU) to set up a framework to strengthen the use of local currencies for cross-border transactions. The Reserve Bank of India Governor Shaktikanta Das and the Central Bank of UAE (CBUAE) Governor Khaled Mohamed Balama on Saturday signed two Memorandums of Understanding (MoU) to strengthen the use of local currencies for cross-border transactions and for interlinking their payment and messaging systems. “The MoU on establishing a framework for the use of local currencies for transactions between India and the UAE, aims to put in place a Local...