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India and Tanzania begin trade settlements in local currencies

Published on July 10, 2023
Current Context: External Affairs Minister S. Jaishankar announced that India and Tanzania have started trade settlements in local currencies, namely Indian rupees and Tanzanian shillings.
India and Tanzania begin trade settlements in local currencies
  • This new initiative will help in promoting commerce between the two countries, which stood at $6.4 billion in 2022-23.
  • He also said that the India central bank has cleared this possibility and few transactions have already taken place in the local currencies.
  • This is a significant step towards enhancing economic cooperation and reducing dependence on the U.S. dollar.

Question:

Q.1 Which two currencies are being used for trade settlements between India and Tanzania?
a.Tanzanian shillings and Euro
b. Indian rupees and U.S. dollars
c. Tanzanian shillings and U.S. dollars
d. Indian rupees and Tanzanian shillings
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