India, Tanzania begin trade settlements in local currencies

India, Tanzania begin trade settlements in local currencies: External Affairs Minister S Jaishankar on Saturday said that India and Tanzania have started trade settlements in local currencies and this new initiative will help in promoting commerce between the two countries. Addressing industry leaders at a function, the minister said India-Tanzania bilateral trade has seen very strong growth, and stood at USD 6.4 billion in 2022-23.

Daily Current Affairs Quiz: July 2023

India-Tanzania bilateral trade has seen very strong growth and stood at USD 6.4 billion in 2022-23.

Bank of India, Bank of Baroda, and Canara Bank have operations in Tanzania. About 18 countries have already opened special vostro accounts with Indian banks.

Last year, the Reserve Bank of India and Indian finance ministry asked the top management of banks and representatives of trade bodies to push export and import transactions in rupee. They want banks in India to connect with their foreign counterparts for opening special rupee vostro accounts to facilitate cross-border trade in the Indian currency rather than the popular mode of the US dollar.