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RBI, Bank Indonesia to use local currencies
Context
The Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) for establishing a framework to promote the use of local currencies — the Indian Rupee (INR) and the Indonesian Rupiah (IDR) — for cross-border transactions.
Key Highlights
- This framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-IDR foreign exchange market.
- Use of local currencies would optimise costs and settlement time for transactions.
- The MoU covers all current account transactions, permissible capital account transactions, and any other economic and financial transactions as agreed upon by both countries.
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