OREANDA-NEWS  In the next two or three days, the Central Bank of India will issue guidelines for financial organizations to solve some problems related to the mechanism of trading for rupees, a senior representative of the country's trade department promised reporters. This is reported by Reuters.

He pointed out that currently rupees, in fact, work only as a barter currency, and this complicates their use in international trade. The official did not provide details of the leadership.

The problem with the convertibility of the Indian currency has surfaced amid an increase in purchases of Russian oil. Due to the difficulties of settlements in dollars, the parties began to actively use national currencies, but Russian companies faced the fact that their incomes were stuck in Indian banks.

The fact is that it is possible to convert the rupee only inside India on the stock exchange or in authorized organizations, besides, the exchange in large volumes requires the permission of the local regulator. According to Bloomberg estimates, Russia accumulates up to a billion dollars a month in accounts in India.

They could be spent on local goods, but the country has nothing to offer Russian importers in such volumes. By the end of 2022, the supply of raw materials to India amounted to $ 162.2 billion, while imports — only 31.8 billion, that is, the surplus exceeded $ 100 billion. In early May, the countries stopped negotiations on trade in national currencies, as the situation does not suit Moscow.

Against this background, some Indian refineries (refineries) began to pay for the supply of Russian oil in Chinese yuan. An attempt to use UAE dirhams for calculations, the exchange rate of which is pegged to the dollar, has not yet led to success.