The Reserve Bank of India announced that India-Maldives bilateral trade transactions can now be settled directly in Indian Rupees and Maldivian Rufiyaa, in addition to the Asian Clearing Union mechanism. The move follows an RBI-Maldives Monetary Authority MoU signed in November 2024 and reduces reliance on third-party currencies such as the US Dollar.
One outlet so far Only The Standard has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
In the wake of signing of Memorandum of Understanding (MoU)…it has been decided that India’s bilateral trade transactions with Maldives may also be settled in INR and/or MVR in addition to the ACU mechanism, as hitherto.
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
with India emerging as the Maldives’ largest trade partner in 2023, with trade volumes nearing $1 billion.
Word for word from the report in The Standard. Open the report
This decision follows the signing of a Memorandum of Understanding (MoU) between the RBI and the Maldives Monetary Authority in November 2024, aiming to promote the use of local currencies for bilateral transactions.
Word for word from the report in The Standard. Open the report
A trade agreement signed in 1981 facilitated the export of essential commodities from India to the Maldives.
Word for word from the report in The Standard. Open the report
