India Prefers Use of UAE Dirham in Foreign Trade Settlement

A general view of residential apartments is pictured at Gurgaon, on the outskirts of New Delhi June 19, 2012. REUTERS/Parivartan Sharma/Files
A general view of residential apartments is pictured at Gurgaon, on the outskirts of New Delhi June 19, 2012. REUTERS/Parivartan Sharma/Files
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India Prefers Use of UAE Dirham in Foreign Trade Settlement

A general view of residential apartments is pictured at Gurgaon, on the outskirts of New Delhi June 19, 2012. REUTERS/Parivartan Sharma/Files
A general view of residential apartments is pictured at Gurgaon, on the outskirts of New Delhi June 19, 2012. REUTERS/Parivartan Sharma/Files

India has asked banks and traders to avoid using Chinese yuan to pay for Russian imports, three government officials involved in policy making and two banking sources said, because of long-running political differences with its neighbor.

India, which has emerged as a top buyer of Russian oil as well as discounted coal, would prefer the use of United Arab Emirates dirhams to settle trade, three government officials said.

One of the government officials directly involved in the matter said New Delhi is "not comfortable" with foreign trade settled in yuan but said settlement in "dirham is okay."

The second official said that India cannot allow settlement in yuan till the relations between the two countries improve.

For Indian refiners that in recent weeks started settling some Russian oil purchases in roubles, as Reuters reported, payments have been processed in part by the State Bank of India via its nostro roubles account in Russia.

But the bulk of the trade is still in other currencies as the rouble is partially convertible and the two countries are yet to finalize a framework.

All five officials declined to be named as discussions were private.



Saudi Arabia, Peru Discuss Cooperation in Mining Sector

The Saudi and Peruvian delegations meet in Riyadh on Thursday. (SPA)
The Saudi and Peruvian delegations meet in Riyadh on Thursday. (SPA)
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Saudi Arabia, Peru Discuss Cooperation in Mining Sector

The Saudi and Peruvian delegations meet in Riyadh on Thursday. (SPA)
The Saudi and Peruvian delegations meet in Riyadh on Thursday. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met on Thursday with Peru’s Minister of Energy and Mines Jorge Cornejo and Minister of Foreign Affairs Elmer Schialer.

The meeting focused on boosting bilateral relations between Saudi Arabia and Peru, particularly in the industrial and mining sectors. Discussions also addressed opportunities in mining exploration and strategic minerals.

The meeting highlighted the Kingdom’s comprehensive mining strategy and the investment opportunities available at each stage of the mining value chain. It further emphasized the importance of strengthening international cooperation in the mining and minerals sector to support industry advancement and ensure sustainability.

The two sides also reviewed the objectives of the National Strategy for Industry, with a focus on promising opportunities in its sub-sectors, notably the food industry. The Kingdom’s enablers and incentives to support investors were also discussed.

Alkhorayef extended an invitation to the two Peruvian ministers to attend the Future Minerals Forum, scheduled to be held in Riyadh next January. The forum serves as a leading global platform bringing together industry leaders to explore the challenges and future prospects of the mining and metals sector.