In a press release posted on its website, the Indian High Commission in Dar es Salaam said the Reserve Bank of India (RBI) had cleared the way for trade using local currencies by allowing authorised banks in India to open Special Rupee Vestro Accounts (SRVA) in Tanzania. To trade under this mechanism, Tanzanian banks will have to open SRVA in India by approaching authorised Indian banks that will, in turn, approach RBI for their approval with details of the arrangement, the statement further stated. Tanzania and India can minimise reliance on major global currencies and foster stable and efficient trading environment by promoting trade in local currencies, do you think trading in local currencies is the way to go?

Previous Article

National plastic pollution treaty

Next Article

anti-LGBTQ bill into law in Uganda