India, Maldives to settle bilateral trade in local currencies. Name the capital of Maldives?

The Correct Answer is Malé or Maa-leh.

In News

• India, Maldives to settle bilateral trade in local currencies.

Key Points

• Bilateral trade between India and the Maldives will now be settled in Indian Rupees and Maldivian Rufiyaa, in addition to the existing Asian Clearing Union mechanism.
• India is the largest trade partner of Maldives, with bilateral trade exceeding 548 million US Dollars.
• The Reserve Bank of India (RBI) issued the circular, which follows an MoU signed between RBI and the Maldives Monetary Authority (MMA) in November 2023.
• The initiative aims to enhance trade and financial ties between the two countries.