RBI and Maldives Monetary Authority Ink Landmark Currency Deal

The Reserve Bank of India and the Maldives Monetary Authority have announced a new agreement to facilitate cross-border transactions using the Indian Rupee and the Maldivian Rufiyaa. This initiative aims to enhance trade relations, reduce transaction costs, and increase financial integration between the two countries.

The Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) have taken a significant step towards economic integration through a newly signed agreement promoting the use of local currencies for cross-border transactions.

The Memorandum of Understanding (MoU), signed by RBI Governor Shaktikanta Das and MMA Governor Ahmed Munawar, seeks to bolster the use of the Indian Rupee (INR) and the Maldivian Rufiyaa (MVR) across various financial transactions.

This currency framework not only aims to reduce settlement times and transaction costs but also signifies a major milestone in enhancing bilateral trade and strengthening economic ties between India and Maldives.

(With inputs from agencies.)