The Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have signed a Memorandum of Understanding (MoU) to establish a framework to promote the use of local currencies - the Indian Rupee (INR) and the Mauritian Rupee (MUR) for cross-border transactions.

• The documents were exchanged between both the officials of the countries on March 12, the RBI said in a release on March 18.
• The MoU was signed by RBI governor Sanjay Malhotra and his Bank of Mauritius counterpart Rama Krishna Sithanen.
• The agreement aims to promote the use of INR and MUR in bilateral trade. It also covers all current account transactions and permissible capital account transactions as agreed upon by both the countries, the release said.