By Siddhi Nayak, Jaspreet Kalra and Shivangi Acharya MUMBAI/NEW DELHI (Reuters) - India's central bank is nudging local banks to ask their clients to ...
SaltWire's Atlantic regional weather forecast for August 21, 2023 | SaltWireMUMBAI/NEW DELHI - India's central bank is nudging local banks to ask their clients to settle trade between the United Arab Emirates and India using the dirham or Indian rupee to reduce U.S.-dollar-based transactions, five sources told Reuters.
The idea, a government source said, was to reduce the outflow of dollars on account of this trade deficit. None of the sources wished to be named because they are not authorised to speak to the media. The RBI and trade ministry did not respond to a Reuters email seeking comment. While data on such cross-currency trade volumes is not publicly available, at least three bankers said the current volume is low and may act as a hurdle for corporates to pay for the entire import in dirhams.
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