Going beyond $: India, UAE sign -dirham trade pact

The Reserve Bank of India (RBI) and the Central Bank of UAE on Saturday decided to move further on strengthening the economic engagement between the two countries by agreeing to allow exporters and importers from either side to invoice and pay in their respective domestic currencies — rupee and dirham — while working on a messaging system that could be an alternative to SWIFT (Society for Worldwide Interbank Financial Telecommunication), the globally used system to remit money across borders. Via Times of India https://ift.tt/BDdxO3W