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.



French PM Opposes Calls to Go back to 62 as Retirement Age

 France's Prime Minister Francois Bayrou visits the plant of French rolling stock manufacturer Alstom in Aytre near La Rochelle, western France, on March 14, 2025. (AFP)
France's Prime Minister Francois Bayrou visits the plant of French rolling stock manufacturer Alstom in Aytre near La Rochelle, western France, on March 14, 2025. (AFP)
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French PM Opposes Calls to Go back to 62 as Retirement Age

 France's Prime Minister Francois Bayrou visits the plant of French rolling stock manufacturer Alstom in Aytre near La Rochelle, western France, on March 14, 2025. (AFP)
France's Prime Minister Francois Bayrou visits the plant of French rolling stock manufacturer Alstom in Aytre near La Rochelle, western France, on March 14, 2025. (AFP)

Prime Minister Francois Bayrou on Sunday rejected the idea of reverting to 62 as the basic retirement age in France, appearing to narrow options for unions and employers negotiating changes to an unpopular pension reform.

Bayrou, who heads a fragile minority government, agreed to reopen discussion of the 2023 reform, including the contested measure to raise the retirement age from 62 to 64 years, to help secure tacit support in parliament from opposition Socialists.

He tasked union and company representatives to discuss changes, saying all options were on the table provided proposals would ensure a funding deficit would be plugged.

Asked in an interview on France Inter radio if it was possible to go back to retirement at 62, he said, "No."

"The representatives in the social conference know very well what the numerical situation is and which I asked the Court of Accounts to set out," Bayrou said, referring to a report by France's audit office projecting future deficits even after the 2023 reform.

At the same time, he did not see retirement age as the only path for reforming the pension system, he said.

If unions and employers fail to agree to proposals, the government plans to proceed with implementing the 2023 reform.