 "Forex")
The shifting sands of geopolitics have put the role of currency settlement in sharp focus. As trade relationships evolve and change, nations are using a wider basket of currencies. Though the dollar and euro remain important, economies like India, China, Russia and the United Arab Emirates are increasing trade with other currencies.
State-owned Indian Oil recently paid in Chinese Yuan to purchase Russian oil, according to reports. Finance Minister Nirmala Sitharaman has promised a real-time foreign currency settlement system. The new system will use emerging technologies to complete transactions instantly — a process that typically takes about 36-48 hours.
Technologies
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper
