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Tanzania & India Switch From US Dollar To Local Currencies In Bilateral Trade by BidenDTrounce: 6:25pm On Mar 18, 2023 |
The new settlement framework is expected to benefit Tanzanian businesses and banks by allowing for seamless payment in domestic currencies, while also providing greater exchange rate predictability and reducing the need for currency conversion. In a move that could have far-reaching implications for the economies of Tanzania and India, the two nations have agreed to a new bilateral trade settlement arrangement that allows them to use their own currencies in transactions, the High Commission of India in Dar es Salaam said in a press release. The new bilateral trade settlement arrangement allows for the use of the Tanzanian shilling and Indian rupee in transactions. India is one of Tanzania's largest trading partners, with bilateral trade valued at 10.4 trillion Tanzanian shillings (about $4.5 billion) for the year ending March 2022, according to the Indian commission. Between April 2021 and March 2022, Tanzania's exports to India were estimated at 5.1 trillion Tanzanian shillings (about $2.2 billion), while the East African country's imports from the South Asian country were about 5.3 trillion shillings (about $2.3 billion), according to the Dar es Salaam-based commission. Tanzanian banks and businesses will now be able to make full use of the new trade framework, allowing for seamless payment in domestic currencies, said Binaya Pradhan, India's high commissioner to Tanzania. The Indian official expects that the use of local currencies will not only conserve foreign exchange, but also boost bilateral trade. "There is a huge potential for our trade to grow. We are expecting our trade volume to cross $6 billion (Sh13.8 trillion) this year," Pradhan told Tanzanian media. Tanzania exports minerals, particularly gold, and agricultural products to India, while India exports petroleum products, medicines, and engineering goods to the African country According to Donath Olomi, a trade and economist, using local currencies in trade transactions will help Tanzania avoid using dollars from its foreign currency reserves, boosting exchange rate predictability, which is critical in international trade. "Unlike the use of dollars, of which we don’t have control over, with the use of local currencies there will be predictability because in the process, we can fix the exchange rate," the expert told Tanzanian news outlet The Citizen. "The use of local currencies will also simplify business transactions and cut bank charges since there will be no need to convert your currency into dollars." The Reserve Bank of India (RBI) has authorized banks in India to open Special Rupee Vostro Accounts (SRVA) in Tanzania, according to a press release posted on the Indian High Commission's website. Tanzanian banks will be required to open SRVAs in India by approaching authorized Indian banks, which will, in turn, approach the RBI for approval with details of the agreement. The Bank of Baroda, which operates branches in Tanzania, has received the RBI's approval for opening SRVAs for its foreign branches and subsidiaries in various countries, including Tanzania, the press release added. This mechanism is now applicable to 18 countries, including Kenya, Uganda, Botswana, Mauritius, Seychelles, Fiji, Germany, Guyana, Israel, Malaysia, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, and the United Kingdom. The Indian High Commission is set to hold a stakeholders' consultation meeting on March 24 to reveal details of the bilateral trade mechanism using local currencies. https://sputniknews.com/20230318/tanzania--india-switch-from-us-dollar-to-local-currencies-in-bilateral-trade-1108545100.html 2 Likes
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Re: Tanzania & India Switch From US Dollar To Local Currencies In Bilateral Trade by BidenDTrounce: 6:25pm On Mar 18, 2023 |
This is sweet 7 Likes 2 Shares |
Re: Tanzania & India Switch From US Dollar To Local Currencies In Bilateral Trade by Nobody: 6:27pm On Mar 18, 2023 |
3 Likes |
Re: Tanzania & India Switch From US Dollar To Local Currencies In Bilateral Trade by Blackdeewhy(m): 7:27pm On Mar 18, 2023 |
I was wondering why Nigeria can't adopt this too. Your form A has to spend five, six months even year(s) before it will be approved. Yet the money is in the account without the bank deduction or processing. Everything about this country is just somehow. Las las, the labour of our heros past is finally in vain. I pity the idiots fighting for Tinubu. Baba wey him grand children are in the US. 7 Likes |
Re: Tanzania & India Switch From US Dollar To Local Currencies In Bilateral Trade by BidenDTrounce: 7:40pm On Mar 18, 2023 |
Blackdeewhy:It was either Tinubu or PO/Atiku It was a choice between bad and worse and I do not regret my support of Jagaban. the comportment of the Zombidients was worse than that of the jagabandits. Jagabandits were at least, civil and logical to a good extent. 1 Like |
Re: Tanzania & India Switch From US Dollar To Local Currencies In Bilateral Trade by panafrican(m): 11:16pm On Mar 18, 2023 |
You try it in French speaking African countries, you will get shot the very same week by French secret service agents. 2 Likes |
Re: Tanzania & India Switch From US Dollar To Local Currencies In Bilateral Trade by Napata77: 5:18am On Mar 19, 2023 |
panafrican: The leaders should all plan to execute it the same day in all the Francophone countries, let's see how many of them France can kill before Macron is arrested for crimes against humanity. 4 Likes |
Re: Tanzania & India Switch From US Dollar To Local Currencies In Bilateral Trade by Adjovi: 7:01am On Mar 19, 2023 |
USA will soon come for them with democratic invasion or sanctions The end of the dollar is here and a multipolar world order is inevitable which is very good for the world. It is time for the American empire to fall. They tried anyways to sustain it for this long. 4 Likes 2 Shares |
Re: Tanzania & India Switch From US Dollar To Local Currencies In Bilateral Trade by Vl3ly: 10:21am On Mar 19, 2023 |
Indian get ball Sha,he also did the same thing with Sri Lanka last month, I'm sure Ghana go follow soon as ther cedis don get problem with dollar 2 Likes 2 Shares |
Re: Tanzania & India Switch From US Dollar To Local Currencies In Bilateral Trade by bassdow: 7:51pm On Mar 21, 2023 |
Never have a Russian as enemy. Ukrainians are loosing both their Humans and their parts of their country, the WEST (e.g USA) is loosing her dominance and wealth. Noting as painFul & sweet as a slowDeath 2 Likes |
Re: Tanzania & India Switch From US Dollar To Local Currencies In Bilateral Trade by BidenDTrounce: 8:58pm On Mar 24, 2023 |
A flower-laying ceremony was held on Friday in Serbia’s capital of Belgrade to commemorate the 24th anniversary of NATO’s aggression against Yugoslavia. The ceremony was led by Minister of Labor, Employment, Veteran and Social Affairs Nikola Selakovic, and was attended by Russian Ambassador Alexander Botsan-Kharchenko, Belarusian Ambassador Valery Brilev, President of the Union of War Veterans of the National Liberation Wars of Serbia (SUBNOR) Vidosav Kovacevic, as well as public figures and numerous ordinary citizens. The commemoration took place in Belgrade’s Tasmajdan Park, where a monument depicting a child with wings and engraved with the inscription "We were just children" has been erected. The monument portrays Milica Rakic, a three-year-old girl who was killed by shrapnel on April 17, 1999, in the bathroom of her home in a suburb of Belgrade, which was located far from any military facilities. According to the Serbian government, Milica was among the 87 children who were killed in the NATO bombings. Friday marks the 24th anniversary of NATO’s aggression against Yugoslavia, which was unleashed on March 24, 1999, and lasted for 78 days. The alliance’s leadership argued that the main rationale for the operation, codenamed Allied Force, was to prevent the genocide of Kosovo’s ethnic Albanian population. According to NATO sources, its aircraft flew 38,000 sorties and carried out 10,000 bombing strikes. The bombardments killed, according to Serbian estimates, 3,500-4,000 people, and left about 10,000 others (two-thirds of them civilians) injured. Material damages totaled up to $100 billion. During the three months of the bombing campaign, NATO forces dropped 15 tons of depleted uranium in bombs and shells on Serbia. Subsequently, the Balkan country’s cancer rates surged to first place in Europe. In the first ten years following the bombardments, about 30,000 people developed cancer, of which an estimated 10,000-18,000 died. [url]https://tass.com/world/1594213 [/url]
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Re: Tanzania & India Switch From US Dollar To Local Currencies In Bilateral Trade by WastedSpyPlane: 2:23pm On Mar 27, 2023 |
BidenDTrounce: He went on to say that China is the main economic competitor of the United States, and after attempts to suppress Russia, the United States will take on China. According to him, Russia irritates the US because "not only does it pursue an independent policy of bolstering the multipolar world, but in many ways surpasses America in spiritual, moral and military spheres.
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