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Bank of Cyprus enables direct rupee payments

Original: 🇨🇾 Bank of Cyprus opens direct rupee payments, deepening EU–India financial links Bank of Cyprus now allows businesses a

Bank of Cyprus has begun allowing businesses and individuals to make payments directly in Indian rupees. The move removes the need for intermediary currencies such as the dollar or euro in India-related transactions, cutting costs and settlement times. Observers see it as a step towards deeper financial ties between the EU and India and a further internationalisation of the rupee.

Why now: The rupee's growing role in international trade settlements is drawing attention as more banks offer direct payment channels.

Bank of CyprusIndiaEuropean UnionIndian rupee

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• 🇨🇾 Bank of Cyprus opens direct rupee payments, deepening EU–India financial links Bank of Cyprus now allows businesses and individuals to transact directly in Indian Rupees, reducing the need for intermediary currencies and making cross-border payments more direct and… · EU_Economics · 1

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