The United Arab Emirates (UAE) and India signed an agreement on the use of dirhams and rupees in international money transfers.
In the news on the UAE-based English-language website “The National”, it was stated that the Central Bank governors signed an agreement in the presence of UAE President Mohammed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi.
Accordingly, the “Local Currency Usage System” will be created and Indian rupee and UAE dirham will be used for mutual money transfer.
“The agreement covers the transfer of all existing accounts and the authorized transfer of capital,” the report said. statement was included.
It was reported that the Comprehensive Economic Partnership Agreement between the two countries was signed last year, and with this agreement, it was noted that the customs duties of the two countries were reduced.
In line with the work of the joint committee formed under the agreement, it was stated that the non-oil trade agreement is aimed to reach 100 billion dollars by 2030.
Indian Prime Minister Modi met with President Al Nahyan in the UAE, where he came to hold official talks today.