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India and Malaysia trade in rupee
April 9 , 2023
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- India and Malaysia have agreed to settle trade in the Indian rupees.
- India is willing to take concrete steps towards de-dollarisation of its international trade.
- This initiative by RBI is aimed at facilitating the growth of global trade and to support the interests of the global trading community in Indian rupees.
- International Bank of Malaysia has operationalised this mechanism by opening a Special Rupee Vostro Account through Union Bank of India.
- India-Malaysia bilateral trade touched $19.4 billion during 2021-22.
- Malaysia is the third largest trading partner of India in the ASEAN region, after Singapore and Indonesia.
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