♦ Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) have signed a Memorandum of Understanding (MoU) to establish a framework for promoting the use of local currencies Indian Rupee and Maldivian Rufiyaa in cross-border transactions.

♦ The MoU was signed by RBI Governor Shaktikanta Das and MMA Governor Ahmed Munawar in Mumbai on 21 November 2024.

♦ The MoU encourages the use of Indian Rupee (INR) and Maldivian Rufiyaa (MVR) in current account transactions, permissible capital account transactions, and any other economic or financial transactions agreed upon by both countries.