The Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have signed a Memorandum of Understanding (MoU) for establishing a framework to promote the  use of local currencies — the Indian Rupee (INR) and the Mauritian Rupee (MUR) — for cross-border transactions. The MoU was signed by RBI Governor Sanjay Malhotra and Dr Rama Krishna Sithanen, the the Governor of the Bank of Mauritius.

The MoU documents were exchanged in Port Louis, Mauritius, in the presence of Prime Minister Narendra Modi and his counterpart, Dr Navinchandra Ramgoolam, last week.