World shifts away from using the dollar
China DailyThe 3rd China Trade Expo held in Jakarta, the Indonesian capital, last month draws numerous visitors. XU QIN/XINHUA Special accounts On July 31, India's central bank, the Reserve Bank of India, or RBI, set up a mechanism to facilitate cross-border trade transactions in the Indian rupee. India's Minister of State for Finance, Bhagwat Karad, said last month the RBI has approved 60 requests to open special rupee vostro accounts, or SRVAs, for correspondent banks in 18 countries. Perry Warjiyo, governor of the Indonesian central bank, said the regional bloc will create a task force to help ASEAN economies shift to using local currencies, instead of the dollar. Warjiyo said on March 31 at the end of the ninth ASEAN Finance Ministers and Central Bank Governors Meeting in Bali, Indonesia, that using local currencies for cross-border trade and investment will reinforce financial resilience in the region.
History of this topic
Allow foreign currency transactions in country via RBI: ICT Chairman Kapila
The Hindu
RBI, Bank Indonesia sign pact for establishing framework to promote use of local currencies INR, IDR
The Hindu
World shifts away from using the dollar
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