Next Gen Payment Gateway: India Announces Indian Rupee Settlement for Trade with Malaysia

Title : India, Malaysia agree to use Indian rupee for trade settlement

Source: CCTV News Client

On 1 April local time, the Ministry of External Affairs of India issued a statement announcing that India and Malaysia had reached an agreement to use the Indian rupee for the settlement of trade transactions. India's Ministry of External Affairs pointed out that, in addition to the existing currency settlement, trade between India and Malaysia can now also use the Indian rupee for settlement.

Indian media have been reporting that the decision is an important step in the process of de-dollarisation, aimed at protecting Indian trade from the Russia-Ukraine conflict. In July last year, the Reserve Bank of India decided to allow the use of the Indian rupee for international settlements.