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Indian Rupee can be used to settle trade between India & Malaysia

Current GK (DRDO) ( Phase -I) International Affairs
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Indian Rupee can be used to settle trade between India & Malaysia

The Ministry of External Affairs announced on April 1 that India and Malaysia have agreed to settle trade in the Indian Rupee.

  • This development is attributed to the landmark decision taken by the Reserve Bank of India (RBI) in July 2022 to allow the settlement of international trade in the Indian Rupee.
  • Malaysia-based India International Bank of Malaysia (IIBM) has operationalised this mechanism by opening a Special Rupee Vostro Account through its correspondent bank in India, i.e. Union Bank of India.'
  • “Under this facility, exporters and importers from India and Malaysia can now invoice the trade in Indian Rupee (INR) and achieve better pricing for goods and services traded,” said a press release issued by IIBM.
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