NEW DELHI: India and Indonesia will soon begin to trade in local currencies.The Reserve Bank of India (RBI) and Bank Indonesia (BI) on Thursday signed and exchanged a Memorandum of Understanding (MoU) to establish a framework to promote the use of local currencies (Indian Rupee (INR) and Indonesian Rupiah (IDR)). The MoU was signed in the presence of RBI governor Shaktikanta Das and Bank Indonesia Governor Perry Warjiyo.The MoU covers all current account transactions, permissible capital account transactions and any other economic and financial transactions agreed upon by both countries.”This framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of INR-IDR foreign exchange market. Use of local currencies would optimize costs and settlement time for transactions,” said the RBI.
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