https://sputniknews.in/20230717/india-and-indonesia-to-trade-in-local-currency-link-up-fast-payment-systems-reports--3037294.html
India and Indonesia to Trade in Local Currency, Link Up Fast Payment Systems: Reports
India and Indonesia to Trade in Local Currency, Link Up Fast Payment Systems: Reports
Sputnik India
India and Indonesia are all set to settle their bilateral transactions in their local currencies, and through real-time payment mechanism, say media reports.
2023-07-17T15:07+0530
2023-07-17T15:07+0530
2023-07-17T19:25+0530
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India and Indonesia are all set to settle bilateral transactions in their local currencies and through real-time payment mechanisms, media has reported.Indonesian Finance Minister Mulyani Indrawati told reporters as part of an India-Indonesia joint statement that the countries are "discussing possibilities of cooperation in critical technology, payment system under the central bank and using more local currency.”The proposal follows a similar one between India and the United Arab Emirates (UAE) over the weekend. On Saturday, the two countries' central bank chiefs signed two Memorandums of Understanding (MoU) to strengthen the use of local currencies for cross-border transactions and for interlinking their payment and messaging systems.India has so far linked fast payment systems with Singapore, Oman, Nepal, Bhutan, Malaysia and other countries for cross-border transactions. Meanwhile, it is also in talks with Japan and other nations in order to switch to national currencies.Delhi is making efforts to internationalize its currency and reduce its dependency on the US dollar. Since July last year, the Reserve Bank of India, the country's apex bank, allowed more than a dozen banks to settle trading operations in rupees.
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India and Indonesia to Trade in Local Currency, Link Up Fast Payment Systems: Reports
15:07 17.07.2023 (Updated: 19:25 17.07.2023) Deexa Khanduri
Sputnik correspondent
Indonesia is a key trading partner for India in the Southeast Asia region. Last year, their bilateral trade reached almost $39 billion. According to experts, trade has increased nine-fold since 2005.
India and Indonesia are all set to settle bilateral transactions in their local currencies and through real-time payment mechanisms, media has reported.
Indonesian
Finance Minister Mulyani Indrawati told reporters as part of an
India-Indonesia joint statement that the countries are "discussing
possibilities of cooperation in critical technology, payment system under the central bank and using more local currency.”
"India’s Finance Minister Nirmala Sitharaman and her Indonesian counterpart discussed the proposals ahead of meetings among the Group of Twenty countries in India," Bloomberg reported, citing an anonymous official.
The proposal follows a similar one between India and the
United Arab Emirates (UAE) over the weekend. On Saturday, the
two countries' central bank chiefs signed two Memorandums of Understanding (MoU) to strengthen the use of local currencies for
cross-border transactions and for interlinking their payment and messaging systems.
“The MoU on establishing a framework for the use of local currencies for transactions between India and the UAE aims to put in place a Local Currency Settlement System to promote the use of INR (Indian rupee) and AED (UAE Dirham) bilaterally,” the RBI said in a statement on July 15.
India has so far linked fast payment systems with
Singapore, Oman, Nepal, Bhutan, Malaysia and other countries for
cross-border transactions. Meanwhile, it is also in talks with Japan and other nations in order to switch to national currencies.
Delhi is making efforts to internationalize its currency and reduce its dependency on the US dollar. Since July last year, the Reserve Bank of India, the country's apex bank, allowed more than a dozen banks to settle trading operations in rupees.
