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Local Currency Settlement (LCS) system
August 17 , 2023
466 days
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- Abu Dhabi National Oil Company (ADNOC) and the Indian Oil Corporation Limited (IOCL) completed the first-ever crude oil transaction under the newly implemented Local Currency Settlement (LCS) system.
- This will significantly reduce transaction costs and time, while also promoting the use of national currencies for cross-border transactions.
- The LCS mechanism provides traders with the flexibility to choose the payment currency based on mutual agreement.
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