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RBI and Bank Indonesia Sign MoU to Promote Local Currency Trade.

Banking & Finance | Dated: 07 Mar 2026

The Reserve Bank of India and Bank Indonesia have signed a Memorandum of Understanding to establish a framework for promoting the use of local currencies, the Indian Rupee and the Indonesian Rupiah, for cross border transactions.

🎯 Key Highlights:

  • The agreement will facilitate direct currency quotations and trade.
  • It reduces reliance on the US Dollar for bilateral trade settlements.
  • The MoU was signed in Mumbai by the governors of both central banks.

💡 Other Important Facts:

  • Action: Currency MoU.
  • Partners: RBI & Bank Indonesia.
  • Currencies: INR & Rupiah.

📚 Test Your Knowledge:

With the central bank of which country did the RBI recently sign an MoU to promote the use of local currencies for cross border trade?

Correct Answer: Indonesia

🚀 Quick Recap:

About Bank Indonesia

  • Role - Central Bank of Indonesia
  • Headquarters - Jakarta