RBI and Bank of Indonesia sign MoU for using local currencies in cross-border transactions.

The Reserve Bank of India (RBI) and Bank of Indonesia have signed a Memorandum of Understanding (MoU) to establish a framework promoting the use of local currencies, Indian Rupee (INR) and Indonesian Rupiah (IDR), for cross-border transactions. The MoU covers all current account transactions, permissible capital account transactions and any other economic and financial transactions agreed upon by both countries. This framework will enable exporters and importers to invoice and pay in their respective domestic currencies, optimizing costs and settlement time.

March 07, 2024
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