In the next few days, the Reserve Bank of India may release a guide for financial institutions to solve some problems when trading rupees. In this respect informs Reuters cites a message from a senior representative of the country’s trade department.
The official said the rupee is now used as a barter currency, making it difficult to use in international trade. However, the official did not provide further details.
The problem with the convertibility of rupees arose against the backdrop of increased oil purchases from Russia. Given the problems with payments in dollars, the parties switched to trading in local currencies. However, Russian institutions are faced with the fact that their income cannot be withdrawn from Indian banks.
In early June, Bloomberg reportedThere is a huge imbalance of exports and imports in the trade turnover between Russia and India: Moscow sends much more products to New Delhi than it receives from the Asian country. As a result, due to currency restrictions in the Indian domestic market, the Russian Federation accumulates 1 billion rupees monthly from oil exports, and this amount cannot be exported.
Former Bank of Russia Recommended Develop settlements in rupees, dirhams and rials.