RBI and Bank of Mauritius Pact: Local Currency Use for Bilateral Transactions

The Reserve Bank of India (RBI) and the Bank of Mauritius (BoM) have signed an MoU to promote the use of the Indian Rupee (INR) and Mauritian Rupee (MUR) in cross-border transactions.

• Objective: Enhance bilateral trade by enabling the use of INR and MUR for invoicing and settlement of transactions.

Key Features:

• Covers all current account and agreed capital account transactions.
• Enables the development of a market in the INR-MUR currency pair.
• Significance: Strengthens trade relations, deepens financial integration, and bolsters economic ties between India and Mauritius.
• Signatories: RBI Governor Sanjay Malhotra and BoM Governor Rama Krishna Sithanen.