India and UAE to promote local currencies for cross-border transactions

Abu Dhabi: Reserve Bank of India and Central Bank of the United Arab Emirates (UAE) on Saturday signed two MoUs for the use of local currencies for cross-border transactions and cooperation for interlinking their payment and messaging systems.

Two Memorandum of Understandings (MoUs) were



exchanged in the presence of Prime Minister Narendra Modi and UAE President Mohammed bin Zayed al Nahyan in Abu Dhabi.

The agreements aimed at facilitating seamless cross border transactions and payments, and fostering greater economic cooperation between India and United Arab Emirates (UAE).