RBI and Bank of Mauritius Sign MoU to Promote Trade in Local Currencies
In a significant move to enhance bilateral trade and financial cooperation, the Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have signed a Memorandum of Understanding (MoU) to facilitate the use of the Indian Rupee (INR) and the Mauritian Rupee (MUR) for cross-border transactions. The agreement will enable exporters and importers to settle transactions in their respective domestic currencies, reducing costs and improving efficiency. This initiative is expected to strengthen the economic and financial ties between India and Mauritius.
| Summary/Static | Details |
| Why in the news? | RBI and Bank of Mauritius Sign MoU to Promote Trade in Local Currencies |
| MoU Signed By | RBI & Bank of Mauritius (BOM) |
| Signatories | Sanjay Malhotra (RBI) & Rama Krishna Sithanen (BOM) |
| Date & Location | March 12, 2025, Port Louis, Mauritius |
| Presence Of | PM Narendra Modi (India) & PM Navinchandra Ramgoolam (Mauritius) |
| Objective | Promote INR-MUR use in bilateral trade |
| Scope | Current account & permissible capital account transactions |
| Key Benefits | Cost reduction, faster settlements, enhanced trade |
| Strategic Impact | Strengthens financial integration & economic ties |
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