Reserve Bank and the Bank of Mauritius (BOM) have signed a pact for establishing a framework to promote the use of the Indian Rupee and the Mauritian Rupee (MUR) for cross-border transactions.
Key Highlights
- The Memorandum of Understanding (MoU) was signed by RBI Governor Sanjay Malhotra and BOM Governor Rama Krishna Sithanen G.C.S.K.
- The RBI said the MoU aims to promote the use of INR and MUR in bilateral trade.
- The MoU covers all current account transactions and permissible capital account transactions as agreed upon by both countries.
- The framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn, would enable the development of a market in the INR-MUR pair.
