India, UAE central banks discuss mechanism to trade in local currencies
Business Standard|November 26, 2022
The central banks of India and the United Arab Emirates (UAE) are discussing the creation of a mechanism to engage in bilateral trade in local currencies, in order to reduce transaction costs for exporters and importers, India's ambassador to UAE, Sunjay Sudhir, said on Friday.
SHREYA NANDI
India, UAE central banks discuss mechanism to trade in local currencies

"India has prepared a concept paper (regarding rupee-dirham trade) and has shared it with the UAE. UAE's central bank has already designated a nodal person for this. The discussion is now going on between the central banks...[it] will be seen how in a realistic scenario, the whole concept can be operationalised. The objective is very clear-to reduce the cost of transaction," Sudhir told reporters, adding that the idea is not to have trade using a third currency.

Typically exporters and importers lose money on currency exchange. For instance, during trade, rupees are first converted into dollars, which is then re-converted into dirhams. In order to avoid this, central banks are discussing the percentage of trade that can be covered through direct rupee-dirham transactions.

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