RBI and BOM Seal Historic Pact for Cross-Border Currency Transactions

The Reserve Bank of India and the Bank of Mauritius signed an MoU to promote the use of Indian and Mauritian Rupees for cross-border transactions. This agreement aims to optimize trade costs and enhance financial integration between the two nations.

The Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have inked a groundbreaking agreement to establish a framework fostering the use of the Indian Rupee and the Mauritian Rupee in cross-border transactions.

The Memorandum of Understanding (MoU), signed by RBI Governor Sanjay Malhotra and BOM Governor Rama Krishna Sithanen G C S K, was exchanged in a ceremony attended by Indian Prime Minister Narendra Modi and Mauritian Prime Minister Navinchandra Ramgoolam in Port Louis on March 12, 2025.

The MoU aims to facilitate invoicing and payment in domestic currencies for exporters and importers, potentially lowering transaction costs. This initiative marks a milestone in enhancing bilateral trade, deepening financial integration, and nurturing the historical ties between India and Mauritius.

(With inputs from agencies.)