Bank Indonesia, the Bank of Korea, and South Korea’s Ministry of Economy and Finance have introduced a local currency transaction framework to boost bilateral trade using the rupiah and won. This initiative aims to reduce exchange rate risk and improve transaction efficiency by facilitating direct currency transactions between the two nations, bypassing the need for…
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India and Russia are discussing ways to enhance bilateral trade by adopting payments in their national currencies and reducing non-tariff barriers. The talks aim to facilitate rupee-ruble trade and address trade imbalances, particularly as petroleum dominates current transactions. With a significant trade deficit favoring Russia, both nations seek to diversify trade beyond oil and create…
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Iran’s government considers employing the Iraqi dinar in bilateral trade with Iraq in a bid to further curtail the dominance of the U.S. dollar. The annual turnover between the two neighboring nations exceeds $10 billion with millions of pilgrims and health tourists crossing the border each year. Iran and Iraq Can Reduce Dollar Dominance by…
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Experts and business representatives from Iran and Russia have discussed the potential uses of cryptocurrencies and blockchain. The two countries are also collaborating on implementing new financial instruments facilitating bilateral trade in their national fiats. Financial Expo Brings Together Crypto Experts From Russia and Iran Business leaders and industry professionals from Iran and Russia have…
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