Thursday, March 28

18 countries are ready to start international trade in Indian rupees

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As the Firstpost information portal reported this Wednesday, the Indian rupee will become the currency for world trade in 18 countries, including Russia, Israel, Myanmar and other countries. Now, the central bank of India (approx. – its reserve branch RBI) approved the opening of 60 special Vostro accounts necessary for coordinating payments and currency turnover. According to Indian Finance Minister Bhagwat Karad, his country will support the idea of trade in regional monetary terms in order to increase export turnover.

Singapore, Sri Lanka, Israel, Botswana, Fiji, Germany, Kenya, Malaysia, Mauritius, New Zealand, Oman, Seychelles, Tanzania, Uganda and the United Kingdom were also among the 18 countries ready to use the rupee soon. The representative of the Indian Ministry of Finance also noted the high role of the Russian Federation in strengthening the idea of trading in foreign currency, for the sake of the general process of “de-dollarization”.

The transition to international trade in rupees started back in 2022. Then the RBI published recommendations on cross-border trading operations in the national currency of India (INR).

“It was decided to introduce an additional agreement for invoicing, payment and settlement of exports/imports in Indian rupees,” the press service of the Indian central bank reported.

The material was collected and processed by Sofia Chernopyatova.

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