It is reported that the agreement was signed by representatives of the UAE and Indian Central Banks at the 12th session of the bilateral government commission in Ad-Dhabi.
The countries agreed on a currency swap in the amount of 1.8 billion United Arab Emirates dirhams or 35 billion Indian rupees (about $ 500 million).
As noted in the government of India, this will allow them and the UAE to avoid the use in the calculations of currencies of third countries, such as the US dollar.
According to the publication, the volume of trade between these countries in 2017 amounted to $ 52 billion.
Earlier, Russian leader Vladimir Putin discussed with the president of Argentina, Mauricio Macri, the possibility of switching to settlements in national currencies.
Nikita Maslennikov, Head of Finance and Economics at the Institute of Contemporary Development, in an interview with Nation News, estimated the trend to abandon dollar settlements in several countries.