Current Affairs - International - Discussion

Discussion Forum : International - Latest Current Affairs (Q.No. 1105)
1105.
What is the primary purpose of the Local Currency Settlement (LCS) System introduced between India and UAE?
Boosting gold trade
Enhancing economic cooperation
Reducing crude oil production
Increasing intermediary currencies
Answer: Option
Explanation:
The LCS System is expected to enhance economic cooperation and strengthen bilateral relations. The LCS System removes the need for intermediary currencies, reducing transaction time and costs.
Discussion:
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