India and Mauritius ink MOU for local currency use in cross-border transactions

It covers all current account transactions.

The Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have signed a memorandum of understanding (MOU) establishing a framework to promote the use of their local currencies for cross-border transactions.

RBI Governor Shri Sanjay Malhotra and BOM Governor Dr. Rama Krishna Sithanen inked the MOU on 12 March 2025.

The MoU aims to promote the use of INR and MUR in bilateral trade.

It covers all current account transactions and permissible capital account transactions as agreed upon by both the countries.

This framework would enable exporters and importers to invoice and pay in their respective domestic currencies, the RBI said in a statement posted on its website.

“Use of local currencies in bilateral transactions will eventually contribute to promoting trade between India and Mauritius as well as deepen financial integration and strengthen the historical, cultural, and economic relations between India and Mauritius,” the statement read.

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