The Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) signed a Memorandum of Understanding (MoU) to establish a framework for using local currencies—the Indian Rupee (INR) and the Maldivian ________. (November 2024)

Correct option is A

The currency of the Maldives is the Maldivian Rufiyaa (MVR).
Key Details:
· MoU Objective: The MoU aims to promote the use of local currencies— Indian Rupee (INR) and Maldivian Rufiyaa (MVR)—for cross-border transactions.
· Purpose: This agreement seeks to simplify trade settlements, reduce transaction costs, and strengthen financial cooperation between the two nations.
· Signatories: Signed by RBI Governor Shaktikanta Das and MMA Governor Ahmed Munawar in Mumbai.
· Impact: It is expected to enhance bilateral trade and financial ties, fostering economic collaboration.