UAE and India agree to use dirhams and rupees for cross-border transactions – The National

UAE and India agree to use dirhams and rupees for cross-border transactions – The National

The UAE and India signed agreements for establishing a framework to promote the use of local currencies for cross-border transactions and co-operation for interlinking their payment and messaging systems.

The agreements were signed by Khaled Balama, Governor of the Central Bank of the UAE, and Shaktikanta Das, Governor of the Reserve Bank of India, in the presence of President Sheikh Mohamed and Indian Prime Minister Narendra Modi in Abu Dhabi on Saturday.

The agreement aims to put in place a local currency settlement system (LCSS) to promote the use of the Indian rupee and the dirham bilaterally, the RBI said in a statement on its website.