The Reserve Bank of India (RBI) and Bank Indonesia (BI) have signed a Memorandum of Understanding (MoU) to encourage the use of local currencies, the Indian Rupee (INR) and the Indonesian Rupiah (IDR), for cross-border transactions. This framework aims to facilitate invoicing and payment in domestic currencies, reducing costs and settlement times. The collaboration, signed by RBI Governor Shaktikanta Das and BI Governor Perry Warjiyo, marks a significant step in bilateral cooperation, promoting trade, financial integration, and strengthening historical ties between the two countries.
India and Indonesia Sign MoU to Promote Local Currency Use in Bilateral Transactions
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