UAE, India to trade in local currencies

Indian Prime Minister Modi meets UAE President Mohamed bin Zayed Al Nahyan during visit to UAE

By Ikram Kouachi

ANKARA (AA) – The United Arab Emirates (UAE) and India on Saturday agreed to settle trade in local currencies.

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi witnessed the exchange of three memoranda of understanding (MoU) between the UAE and India, the Emirati news agency, WAM, reported on Saturday.

The memoranda of understanding included one on “trade exchange in the two local currencies (dirham/rupee) between the Central Bank of the United Arab Emirates and the Reserve Bank of India.”

The memoranda also included an MoU between the Central Bank of the United Arab Emirates and the Reserve Bank of India for “cooperation on linkages of rapid payment systems, cards, and messaging systems.”

Moreover, another MoU was signed between the Department of Education and Knowledge in Abu Dhabi, the Ministry of Education in India, and the Indian Institute of Technology, Delhi, regarding the “establishment of the Indian Institute of Technology Delhi-Abu Dhabi.”

The Indian prime minister arrived in UAE on a one-day official visit on Saturday.

Kaynak:

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