Category: India UAE

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India and UAE Break Away From US Dollar: Landmark Agreement Enables Trade Settlements in Rupees and Dirhams

July 17, 2023

In a compelling turn of events this Saturday, India and the United Arab Emirates (UAE) inked a landmark agreement facilitating trade transactions to be settled in their native currencies, rupees and dirhams, instead of relying on the U.S. dollar. India’s prime minister Narendra Modi visited the UAE, where the countries announced the linking of the…
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India, UAE Collaborate to Boost Cross-Border Central Bank Digital Currency Transactions

March 16, 2023

India’s central bank, the Reserve Bank of India (RBI), and the Central Bank of the United Arab Emirates (UAE) have agreed to collaborate on cross-border central bank digital currency (CBDC) transactions of remittances and trade. The initiative is “expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India…
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