RBI and Maldives Monetary Authority Sign MoU to Promote Local Currency Usage
| Category | Details |
|---|---|
| Why in News | RBI and Maldives Monetary Authority (MMA) signed an MoU to promote the use of local currencies, INR and MVR, for bilateral transactions. The MoU aims to optimize transaction costs and settlement time, enhancing trade and financial integration. |
| Currencies Involved | Indian Rupee (INR) and Maldivian Rufiyaa (MVR). |
| Signed By | RBI Governor Shaktikanta Das and MMA Governor Ahmed Munawar. |
| Purpose of MoU | Facilitating cross-border current account transactions, permissible capital account transactions, and other agreed economic activities in INR and MVR. |
| Impact on Forex Market | Development of INR-MVR trading pair in the foreign exchange market. |
| Capital of Maldives | Male |
| Currency of Maldives | Maldivian Rufiyaa (MVR) |
| Governor, MMA | Ahmed Munawar |
| Governor, RBI | Shaktikanta Das |