The Union Cabinet has given it’s approval to the memorandum of understanding (MoU) between the Reserve Bank and the Central Bank of United Arab Emirates (UAE) on co-operation on currency swap agreement. The MoU was signed in Feb 2016 between RBI and the Central Bank of UAE.
According to MoU the RBI and the Central Bank of UAE will consider signing a bilateral Currency Swap Agreement on mutually agreed terms and conditions after undertaking technical deliberations, subject to concurrence of respective governments.
The Mou will strengthen the close economic relationship and cooperation between India and the UAE and further facilitate invoicing of bilateral trade in local currencies.
So let’s do:
1. Recently Cabinet has approves currency swap deal with which country ?
Source – The Hindu