Russia, India developing method for mutual payments in national currencies

Russia and India are creating a working group to develop a mechanism for using national currencies in mutual payments, the Russian Central Bank said following a meeting between First Deputy Governor Ksenia Yudaeva and Reserve Bank of India Executive Director Shri Padmanabhan.

Russia and India are creating a working group to develop a mechanism for using national currencies in mutual payments, the Russian Central Bank said following a meeting between First Deputy Governor Ksenia Yudaeva and Reserve Bank of India Executive Director Shri Padmanabhan.

The Central Bank said that the question of using national currencies in mutual payments was discussed at the meeting. "Given the urgency of the issue and the interest of commercial entities of the two countries, meeting participants decided to establish a working group to develop a mechanism for using national currencies in mutual payments," the statement says.

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