Central banks of India, Mauritius sign MoU to promote use of ₹, MUR

The MoU was signed by the RBI governor Sanjay Malhotra and his Mauritian counterpart Rama Krishna Sithanen.

The MoU documents were exchanged in Port Louis in the presence of the Prime Ministers Narendra Modi and Navinchandra Ramgoolam on March 12.

The MoU covers all current account transactions and permissible capital account transactions. The framework would enable exporters and importers to invoice and pay in their respective domestic currencies.

Use of local currencies would optimise costs and settlement time for transactions, an RBI release said.

ALCHEMPro News Desk (DS)