RBI, Maldives Monetary Authority sign pact to promote local currency use

Q: How long will it take to read this news story?

The story "RBI, Maldives Monetary Authority sign pact to promote local currency use" has 260 words across 8 sentences, which will take approximately 2 - 3 minutes for the average person to read.

Q: Which news outlet covered this story?

The story "RBI, Maldives Monetary Authority sign pact to promote local currency use" was covered 7 hours ago by Business Standard, a news publisher based in India.

Q: How trustworthy is 'Business Standard' news outlet?

Business Standard is a fully independent (privately-owned) news outlet established in 1975 that covers mostly business and finance news. The outlet is headquartered in India and publishes an average of 322 news stories per day. It's most recent story was published 2 hours ago.

Q: What do people currently think of this news story?

The sentiment for this story is currently Negative, indicating that people regard this as "bad news".

Q: How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.<ul><li>News ID: #23737675</li><li>URL: https://beamstart.com/news/rbi-maldives-monetary-authority-sign-1732196544460</li></ul>

Business Standard Logo Business Standard 7h ago

RBI, Maldives Monetary Authority sign pact to promote local currency use - Business Standard

Quick Summary:

The RBI and the Maldives Monetary Authority on Thursday signed an agreement here for establishing a framework to promote the use of local currencies -- the Indian Rupee and the Maldivian Rufiyaa (MVR) for cross-border transactions.

This framework would enable exporters and importers to invoice and settle in their respective domestic currencies, which in turn would enable the development of trading in the INR-MVR pair in foreign exchange market.

The Memorandum of Understanding (MoU) was signed by Governor of Reserve Bank of India Shaktikanta Das and Governor of Maldives Monetary Authority Ahmed Munawar.