RBI, Maldives Monetary Authority Pact to Enhance Trade with Local Currencies:
The Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) have signed a Memorandum of Understanding (MoU) to establish a framework for promoting the use of local currencies—the Indian Rupee (INR) and Maldivian Rufiyaa (MVR)—in cross-border transactions. Signed by RBI Governor Shaktikanta Das and MMA Governor Ahmed Munawar, the MoU aims to facilitate bilateral trade, reduce transaction costs, and optimize settlement times by allowing exporters and importers to invoice and settle payments in their respective domestic currencies.
