India, March 20 -- The Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) signed a Memorandum of Understanding (MoU) to establish a framework to promote the use of local currencies for cross-border transactions.

"The MoU was signed by the Governor, Reserve Bank of India, Shri Sanjay Malhotra and the Governor, Bank of Mauritius, Dr. Rama Krishna Sithanen G.C.S.K," read the statement issued by the Reserve Bank of India.

The MoU documents were exchanged in Port Louis, Mauritius in the presence of Prime Minister of India Narendra Modi and Prime Minister of Mauritius Dr. Navinchandra Ramgoolam on March 12, 2025.

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

The MoU covers all current account transactions and p...