the RBI said in a statement

The framework envisaged by the RBI-MMA MOU will enable exporters and importers to invoice and settle in their respective domestic currencies, which, in turn, will facilitate the development of trading in the INR-MVR pair in the foreign exchange market. The use of local currencies will optimise costs and reduce settlement time for transactions, the RBI said in a statement “The MoU encourages the use of INR and MVR in current account transactions, permissible capital account transactions, and any other economic and financial transactions as agreed upon by both countries,” an RBI statement said. สล็อต