India, UAE sign MoUs for promoting local currencies in cross-border trade

The Reserve Bank of India and the Central Bank of UAE (CBUAE) have signed two Memorandum of Understanding (MoU) to boost local currency use for cross-border transactions and to link their payment and messaging systems. A Local Currency Settlement System (LCSS) is aimed to be put in place to develop an INR-AED forex market. India's UPI and UAE's IPP will be linked to facilitate fast, convenient, safe, and cost-effective cross-border funds transfers.
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