RBI, CBUAE sign pacts to promote use of Rupee, UAE Dirham for cross-border transactions
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RBI and Central Bank of UAE (CBUAE) on Saturday signed two agreements in Abu Dhabi to establish a framework for cross-border transactions in local currencies and interlinking of payment and messaging systems. The agreements were exchanged between the two governors, in the presence of the Prime Minister of India Narendra Modi and Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE, the Reserve Bank said in a statement.