The Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have signed an agreement to encourage the use of their local currencies, the Indian Rupee (INR) and the Mauritian Rupee (MUR), for cross-border transactions, India’s central bank said in a statement.
“The MoU documents were exchanged in Port Louis, Mauritius in the presence of the Honourable Prime Minister of India, Narendra Modi and the Honourable Prime Minister of Mauritius, Dr. Navinchandra Ramgoolam, on Wednesday, March 12, 2025,” as per the statement.
The agreement aims to facilitate trade between the two countries by allowing businesses to use INR and MUR for payments. It covers both current account transactions and approved capital account transactions.
By enabling invoicing and payments in local currencies, the initiative will help reduce costs and speed up transaction settlements. It will also support the development of a currency market between INR and MUR.
This partnership strengthens financial ties between India and Mauritius and is expected to boost trade while deepening their historical, cultural, and economic relationship.
