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 Mining Licenses Reach 2,401 by End of 2024

Saudi Mining Licenses Reach 2,401 by End of 2024
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Saudi Mining Licenses Reach 2,401 by End of 2024

Saudi Mining Licenses Reach 2,401 by End of 2024

The Saudi Ministry of Industry and Mineral Resources announced on Sunday that the number of valid mining licenses in the Kingdom has reached 2,401 by the end of 2024.

The licenses cover various categories, including mining, exploration, reconnaissance, building materials quarries, and small mine operations.

According to the 2024 Mining Sector Indicators Bulletin, issued by the National Industrial and Mining Information Center, the majority of these licenses were granted for building materials quarries (1,481), followed by exploration (642), mining and small mining exploitation (215), reconnaissance (41), and surplus mineral ore extraction (22).

The bulletin serves as a critical tool for monitoring developments in the mining sector, tracking both existing and newly issued licenses across various regions of the Kingdom. By boosting transparency and providing accurate data, the initiative supports investors and decision-makers in making informed choices that contribute to the sector’s growth and sustainability.