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Trade in local currency: India may ink pacts with UAE, Nigeria, Malaysia

The move is aimed at reducing transaction costs for exporters and importers, a source said

Rupee, Indian Rupee, Indian currency
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Shreya Nandi New Delhi
India may ink pacts with the United Arab Emirates (UAE), Malaysia, and Nigeria to facilitate settlement of international trade in local currencies as early as next month.

The move is aimed at reducing transaction costs for exporters and importers, a source said.

Top Reserve Bank of India (RBI) officials and their counterparts in the aforementioned countries have been in touch with each other over the last few months to work out a mechanism to enable bilateral trade in local currencies. “Discussions with the UAE are at an advanced stage. Discussions with Malaysia and Nigeria are also progressing well. Memorandums of

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First Published: Feb 21 2023 | 7:35 PM IST

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