This follows the decision by the Reserve Bank of India (India's Central Bank) in July 2022 to allow the settlement of International trade in INR.
This follows the decision by the Reserve Bank of India in July 2022 to allow settlement of International trade in INR.
"This new mechanism is also aligned with Malaysia's foreign exchange policies as part of which Malaysian banks are allowed to undertake settlement of international trade in goods or services in any foreign currency, subject to the rules and regulations of Bank Negara Malaysia," said the High Commission in a statement.
It said this mechanism will allow the Indian and Malaysian traders to invoice the trade in INR, adding that the potential benefits from this mechanism include better pricing for traded goods and services and the ability to directly trade in INR - therefore saving on currency conversion spreads.
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