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April 1, 2023 · 1 min read

India and Malaysia can now settle trade in rupees

Tom KirkmanIndependent Project Manager

Another international move away from the dollar and toward national & regional currencies.

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“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 aims to facilitate the growth of global trade and to support the interests of the global trading community in the Indian Rupee (INR).

Notably, India, among others, imports a large amount of palm oil and its derivatives from Malaysia to fulfil its huge domestic edible oil demand.

“India International Bank of Malaysia (IIBM), based in Kuala Lumpur, has operationalised this mechanism by opening a Special Rupee Vostro Account through its Corresponding Bank in India i.e. Union Bank of India,” an official statement by the Ministry of External Affairs said on Saturday. …”

firstpost.com ↗

FROM THE THREAD

Tom's notes 1

  1. Tom Kirkmanreplying to Stuart Turley

    and this will likely *once again* be ingored by the collective West.

    India will be the most populous country in the world this year, bypassing China for population.

    Both China and India are part of BRICS.

    Again, I bring up the unbridled hubris of the collective West, and historically, pride generally goeth before a fall.

    We should do another podcast. For a couple years, I have been warning about the unstoppable decline of the petrodollar, and that decline is accelerating *this year*.

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