You are here

India and United Arab Emirates to stop using U.S. dollars in trade

Section: Daily Dispatches

India, UAE Sign Currency Swap Deal to Boost Trade Ties

By Fareed Rahman
From Gulf News, Dubai, United Arab Emirates
Tuesday, December 4, 2018

ABU DHABI, United Arab Emirates -- India and the UAE today signed a currency swap agreement to boost trade and investment ties between the two countries.

The development came during the visit of Indian External Affairs Minister Sushma Swaraj to Abu Dhabi to take part in the ministerial meeting of the 12th session of the UAE-India Joint Commission Meeting and held exhaustive discussions with Shaikh Abdullah Bin Zayed Al Nahyan, the UAE's minister of foreign affairs and international cooperation.

... Dispatch continues below ...


ADVERTISEMENT

Buy metals at GoldMoney and enjoy international storage

GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, ­taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:

http://www.goldmoney.com/?gmrefcode=gata



"Advancing the Comprehensive Strategic Partnership, External Affairs Minister SushmaSwaraj and Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan held exhaustive discussions on cooperation in energy, security, trade, investments, space, defence, and consular issues, among others," Raveesh Kumar, India's external affairs ministry spokesperson tweeted.

Through the currency swap agreement, India and the UAE can make payments in their respective currency to boost and trade investment without the involvement of a third currency like the U.S. dollar. Clarifying the currency swap agreement, the Indian embassy in Abu Dhabi said the swap is for an amount of 2 billion UAE dirhams or 35 billion Indian rupees, depending on the central bank requesting the amount.

"The bilateral currency swap agreement between India and the UAE is expected to reduce the dependence on hard currencies like the U.S. dollar," the Indian embassy said. ...

... For the remainder of the report:

https://gulfnews.com/uae/government/india-uae-sign-currency-swap-deal-to...

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16