Friday, 7 December 2018

#PetroRupee! - India signs currency swap agreement worth Rs 3,500 crores with UAE.

Source - PMOIndia


India and the United Arab Emirates have signed two agreements, including one on currency swap, during the visit of the External Affairs Minister Sushma Swaraj to Abu Dhabi. The decision was announced after the 12th session of the India-UAE Joint Commission Meeting (JCM) for Economic and Technical Cooperation, which was held on 3-4 December in Abu Dhabi.

The countries signed an agreement on a currency swap between the Reserve Bank of India and the Central Bank of the UAE. According to the agreement, two countries can make payments in their national currencies — Indian rupees and Emirati dirhams (AED), avoiding the involvement of a third currency, which is designed to boost bilateral trade.

Currency Swap is such a pact between two countries that allows trading in their own currency and payments to import and export trade at pre-determined exchange rate without bringing in a third benchmark currency like the US dollars.

Sushma Swaraj and Indian officials also had exhaustive discussions with her UAE counterpart Abdullah bin Zayed to step up bilateral cooperation in areas like security, defence, counter-terrorism, trade and energy.

Earlier, India and Japan had signed a currency swap agreement of whopping $75 billion dollars which would help both the economies to trade in respective local currencies. After fear of US sanctions, India is in talks with Iran to deal in local currencies. Currency swap agreements would help both producer and consumer economies to deal in local currencies instead of volatile US dollars.

- Chaitanya Kulkarni.

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