https://www.rt.com/business/445987-india-dollar-free-agreement/
Bye-bye dollar: India & UAE agree to trade in local currencies
Published time: 9 Dec, 2018 06:32
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A general view shows Dubai's cityscape © Reuters / Ahmed Jadallah
The swap is for an amount of two billion UAE dirham or 35 billion Indian rupees (US$495 million), according to the Indian Embassy in Abu Dhabi.
“The bilateral currency swap agreement between India and UAE is expected to reduce the dependency on hard currencies like the US dollar,” the embassy said.
“It is also expected to give a push for the local currencies of the two nations and may reduce the impact of volatility in exchange rate arising from the dependency on a third currency. It is also expected to reduce the transmission costs arising from exchange rate risk,” the embassy added.
The sides also discussed cooperation in energy, security, trade, investments, space, defense, and so on.
With more than $50 billion in bilateral trade, the two countries are each other’s largest trade partners. India’s foreign direct investment into the UAE was $6.6 billion in 2017, while the UAE’s investment in India stood at $5.8 billion.
Also on rt.com Dollar-free monetary union: Russia-led free trade zone may adopt single currency
UAE is the sixth-largest oil exporter for India, with non-oil trade between them accounting for $34 billion.
Earlier this year, Abu Dhabi National Oil Company (Adnoc) and an Indian consortium led by the Oil and Natural Gas Corporation (ONGC) signed a 10 percent offshore concession agreement giving Indian companies the opportunity to develop Abu Dhabi’s offshore oilfields, which produce about 1.4 million barrels of oil per day.
Adnoc is also investing in India’s $44 billion Ratnagiri petrochemical complex in cooperation with Saudi Aramco. It is exploring the possibility of storing its crude oil at Indian Strategic Petroleum Reserves Ltd (ISPRL)’s underground oil storage facility at Padur in Karnataka.
https://www.rt.com/business/441296-russia-uk-national-currencies/
Cutting out the US dollar: Russia & UK may switch to settlements in national currencies
Published time: 15 Oct, 2018 14:05 Edited time: 16 Oct, 2018 09:14
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© Getty Images / Erik Isakson
He told RIA Novosti that Russian firms doing business with Britain could switch to settlements in pound sterling at any moment, if necessary.
“The British pound is a freely convertible currency like the US dollar and the euro,” said Abramov.
Read more
Russia wants to ditch US dollar in trade with European partners
He explained that for a Russian company it is very easy to open an account in pounds in a Russian or foreign bank. It could also get the sterling at the Moscow stock exchange.
At the same time, switching to ruble settlements is not so easy for the British companies, since there are no ruble accounts in England and “banks do not understand how stable the Russian currency is…”
READ MORE: Putin backs plan to de-dollarize Russian economy
Abramov, however, added that in case of “political obstacles” or any restrictions on the use of the greenback, there will be an immediate shift towards other currencies, such as the pound or the euro.
According to him, for the first time since 2014 Moscow and London have resumed talks on the development of trade relations.
Though Russia is not a key market for the UK, it is a very important one, Abramov said, adding bilateral trade totaled more than $12 billion in 2017. “Britain is interested not only in maintaining this level, but also in increasing it,” he said.
Bye-bye dollar: India & UAE agree to trade in local currencies
Published time: 9 Dec, 2018 06:32
Get short URL
A general view shows Dubai's cityscape © Reuters / Ahmed Jadallah
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The swap is for an amount of two billion UAE dirham or 35 billion Indian rupees (US$495 million), according to the Indian Embassy in Abu Dhabi.
“The bilateral currency swap agreement between India and UAE is expected to reduce the dependency on hard currencies like the US dollar,” the embassy said.
“It is also expected to give a push for the local currencies of the two nations and may reduce the impact of volatility in exchange rate arising from the dependency on a third currency. It is also expected to reduce the transmission costs arising from exchange rate risk,” the embassy added.
The sides also discussed cooperation in energy, security, trade, investments, space, defense, and so on.
With more than $50 billion in bilateral trade, the two countries are each other’s largest trade partners. India’s foreign direct investment into the UAE was $6.6 billion in 2017, while the UAE’s investment in India stood at $5.8 billion.
Also on rt.com Dollar-free monetary union: Russia-led free trade zone may adopt single currency
UAE is the sixth-largest oil exporter for India, with non-oil trade between them accounting for $34 billion.
Earlier this year, Abu Dhabi National Oil Company (Adnoc) and an Indian consortium led by the Oil and Natural Gas Corporation (ONGC) signed a 10 percent offshore concession agreement giving Indian companies the opportunity to develop Abu Dhabi’s offshore oilfields, which produce about 1.4 million barrels of oil per day.
Adnoc is also investing in India’s $44 billion Ratnagiri petrochemical complex in cooperation with Saudi Aramco. It is exploring the possibility of storing its crude oil at Indian Strategic Petroleum Reserves Ltd (ISPRL)’s underground oil storage facility at Padur in Karnataka.
https://www.rt.com/business/441296-russia-uk-national-currencies/
Cutting out the US dollar: Russia & UK may switch to settlements in national currencies
Published time: 15 Oct, 2018 14:05 Edited time: 16 Oct, 2018 09:14
Get short URL
© Getty Images / Erik Isakson
- 793
He told RIA Novosti that Russian firms doing business with Britain could switch to settlements in pound sterling at any moment, if necessary.
“The British pound is a freely convertible currency like the US dollar and the euro,” said Abramov.
Read more
Russia wants to ditch US dollar in trade with European partners He explained that for a Russian company it is very easy to open an account in pounds in a Russian or foreign bank. It could also get the sterling at the Moscow stock exchange.
At the same time, switching to ruble settlements is not so easy for the British companies, since there are no ruble accounts in England and “banks do not understand how stable the Russian currency is…”
READ MORE: Putin backs plan to de-dollarize Russian economy
Abramov, however, added that in case of “political obstacles” or any restrictions on the use of the greenback, there will be an immediate shift towards other currencies, such as the pound or the euro.
According to him, for the first time since 2014 Moscow and London have resumed talks on the development of trade relations.
Though Russia is not a key market for the UK, it is a very important one, Abramov said, adding bilateral trade totaled more than $12 billion in 2017. “Britain is interested not only in maintaining this level, but also in increasing it,” he said.
