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Local Currency Settlement System
July 22 , 2023
364 days
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- The Reserve Bank of India and the Central Bank of UAE (CBUAE) signed a Memorandums of Understanding (MoU) to strengthen the use of local currencies for cross-border transactions.
- It aims to put in place a Local Currency Settlement System (LCSS).
- The MoU covers all current account transactions and permitted capital account transactions.
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