The RBI and BOM have signed an MoU to facilitate trade in local currencies, allowing transactions in INR and MUR. This agreement aims to reduce costs, improve efficiency, and strengthen economic ties between India and Mauritius.
In a pivotal development, the Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have formalized a Memorandum of Understanding (MoU) aimed at promoting the use of the Indian Rupee (INR) and Mauritian Rupee (MUR) for international trade. This agreement, signed on March 12, 2025, is designed to enable exporters and importers to conduct transactions in their own currencies, which is expected to lower transaction costs and improve operational efficiency.
The signing of the MoU between the RBI and BOM marks a significant advancement in financial cooperation between India and Mauritius. By allowing trade in local currencies, this agreement is set to reduce reliance on third-party currencies, enhance liquidity, and strengthen economic ties, thereby contributing to regional financial integration efforts.
Original Source: currentaffairs.adda247.com
