July 15, 2023 5:10 PM

India and UAE Strengthen Economic Cooperation with Dual MoU Signing for Local Currency Settlement and Payment System Interlinking

Abu Dhabi, July 15, 2023 - The Reserve Bank of India (RBI) and the Central Bank of the UAE (CBUAE) have solidified their commitment to fostering economic cooperation and seamless cross-border transactions by signing two Memorandums of Understanding (MoUs). The MoUs, exchanged in the presence of Prime Minister Narendra Modi and UAE President Sheikh Mohamed Bin Zayed Al Nahyan, aim to promote the use of local currencies and facilitate the interlinking of payment and messaging systems. The fir...