Bangla Hunt Desk: As the saying goes, “Old friends always come in handy.” In this context, it would not be an exaggeration to present the context of this statement in the current context of Russia and India. Basically, during the war between Russia and Ukraine, where the whole world is trying to isolate Russia, India and Russia are growing closer. Meanwhile, it has been reported that the two central banks, the Reserve Bank of India (RBI) and the Bank of Russia, are set to hold an important meeting next week.
Payment system will be easier:
It is learned that the meeting may be completed in the context of bilateral payment system between the two countries. In this case, if the two countries agree, the payment between India and Russia will be easier and no international sanctions will be violated. It is noteworthy that since the start of the war between Russia and Ukraine in late February, various sanctions imposed on Russia have been tightening.
Discussions on opening a Loro or Nostro account:
Officials from both central banks may meet next week to discuss opening an account like Loro or Nostro. The first is a third party account where a bank opens an account for another bank in the country. Besides, in the second option, a bank is able to open an account with a bank in another country.
According to sources, the central banks of both the countries will try to find out how to open these accounts in Indian and Russian currencies. Besides, it is expected that the two-day meeting will be held in Delhi on Wednesday and Thursday. Meanwhile, officials from ministries, banks and financial institutions of both the countries besides the central bank are expected to attend the meeting.