India and Mauritius have signed an MoU to trade using local currencies, promoting the INR-MUR Local Currency Settlement System. This system aims to decrease reliance on hard currencies and enhance bilateral trade, directly contributing to economic stability and the development of financial markets in both nations.
The central banks of India and Mauritius have executed a Memorandum of Understanding (MoU) aimed at facilitating trade using local currencies. This agreement was formalized during Prime Minister Narendra Modi’s state visit to Mauritius on March 12, 2025, in the presence of Prime Minister Navinchandra Ramgoolam. The Reserve Bank of India later confirmed the successful exchange of MoU documents via a post on X.
The MoU between India and Mauritius marks a significant advancement in bilateral trade, promoting the usage of local currencies for transactions. The initiative aims to establish an INR-MUR Local Currency Settlement System to lessen reliance on hard currencies, enhancing economic stability and growth for both nations. By creating an INR Clearing Centre, the initiative further positions Mauritius as a hub for international currency transactions.
Original Source: www.aninews.in
