The Reserve Bank of India has entered into a MoU with the Central Bank of the United Arab Emirates to consider entering into a bilateral currency swap agreement subject to the concurrence of the respective governments. Raghuram Rajan, governor, RBI and Mubarak Rashed Al Mansoori, governor Central Bank of UAE, signed the documents in this regard. The two governments will now discuss and finalize the terms and conditions of the agreement. The proposed agreement will further strengthen the close economic relationship and cooperation between India and the United Arab Emirates.