INSUBCONTINENT EXCLUSIVE:
signed a currency swap agreement to boost investment and enable direct trade without using dollars or other international currencies.The
swap is for 200 crore dirhams or Rs 3,500 crore ($496 million), depending on which central bank requests the amount, an official statement
said."The bilateral currency swap agreement between India and the UAE is expected to reduce the dependency on hard currencies like the U.S
dollar," the statement said, adding that the two central banks had agreed the deal.While giving a push to the two local currencies, the swap
deal would also reduce the transmission costs arising from exchange rate risks, it added.The agreement was signed after the 12th India-UAE
joint commission meeting co-chaired by External Affairs Minister Sushma Swaraj and the UAE's Foreign Minister Sheikh Abdulla bin Zayed al
Nahyan in Abu Dhabi.Bilateral trade between the two countries stood at around $52 billion in 2017, according to figures from the Indian
In 2015, China's central bank extended a currency swap agreement with the UAE Central bank worth $5.54 billion.
