India and Malaysia De-Dollarize to Settle Trade in INR
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India and Malaysia have agreed to settle trade in the Indian rupees as they prepare to de-dollarize. The Ministry of External Affairs announced the move on April 1, 2023.
Both nations will begin to de-dollarize to safeguard India’s trade with Russia. This is more fallout from the West’s sanctions and the weaponization of the Western banking system.
The imposition of US trade restrictions and sanctions against several nations, including Russia, Iran, Cuba, North Korea, Iraq, and Syria, has been politically ineffectual. They backfired against western economies. As a result, the US dollar has been losing its role as a major currency for settling international business claims, reports Strategic-Culture.
The Hindu Reports:
The Union Bank of India in a statement, said that it has become the first bank in India to operationalise this option by opening a Special Rupee Vostro Account through its “corresponding bank” in Malaysia — India International Bank of Malaysia.
“Trade between India and Malaysia can now be settled in Indian Rupee (INR) in addition to the current modes of settlement in other currencies. This follows the decision by the Reserve Bank of India in July 2022 to allow the settlement of international trade in the Indian Rupee (INR). This initiative by RBI is aimed at facilitating the growth of global trade and to support the interests of the global trading community in Indian rupees, “ the Ministry of External Affairs announced.
Thank the globalists and the Biden administration for this:
Trading in the U.S. dollar has faced growing difficulties, especially after the Russian economy was sanctioned by the western powers following President Vladimir Putin’s launch of a so-called “special military operation” against Ukraine on February 24, 2022. As a fallout of the sanctions and war, making payments to Russia in U.S. dollars became increasingly difficult which in turn triggered a search for solutions in national currencies and de-dollarisation worldwide.