Key Points
Having recently closed a deal with the United Arab Emirates to promote local currencies, India has reportedly struck a similar deal with Indonesia, with both countries working on a real-time payment mechanism and local currency trade...
Both countries would discuss the possibility of cooperation in digital technology, payments systems under central banks and using local currency," Indonesian finance minister Sri Mulyani Indrawati said on Sunday...
The issue came up for discussion during Finance Minister Nirmala Sitharamans meeting with her Indonesian counterpart Indrawati as the two countries announced the launch of Economic and Financial Dialogue, focused on intensifying trade and investment relationship...
According to officials, the currency arrangement is likely similar to the one with the UAE, which would mean Indian exporters could settle their trade in Indonesian rupiah, while the other party could earn in Indian rupees...
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