From Africa to Latin America, trade in local currencies on the cards

Move comes after RBI-UAE Central Bank inks historic pact last week

Indian authorities are in talks with several nations in Africa and Latin America to settle bilateral trade in the respective local currencies similar to the one signed with the United Arab Emirates (UAE) last week.

Indonesia, Egypt and Argentina are some of the countries where discussions were held to settle bilateral trade in local currencies, sources said. Talks were held at the central bank level first to understand how the system will work and governments also had discussions on the issue, according to sources with direct knowledge of the discussion.

“The Indian government has been very proactive,” said a source,