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India, Tanzania discuss trade in local currencies
FirstpostTanzanian cashew nuts, pigeon peas, spices, avocados, and other agricultural products continue to be sent to India in large quantities. Both parties decided to intensify their current level of collaboration in this area According to Dammu Ravi, Secretary for Economic Relations in the Ministry of External Affairs, during a press conference on Monday, India is looking into trading local currencies with Tanzania. The two leaders expressed a willingness to increase bilateral trade using local currencies earlier in the day, according to the joint statement that was issued following their discussion. They pointed out that the Reserve Bank of India opened Special Rupee Vostro Accounts of correspondent banks in Tanzania, paving the way for trade using local currencies like the Indian Rupee and Tanzanian Shilling, and that transactions using this mechanism have already taken place. In order to conduct currency exchanges in local currencies, banks from other nations have set up unique Rupee vostro accounts in Indian banks.
History of this topic
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