A
A multilateral treaty requiring all Middle Eastern nations to settle crude oil purchases exclusively in US Dollars.
B
A banking consortium established by the World Bank to clear sovereign debt defaults.
C
A bilateral mechanism allowing trade transactions in local currencies rather than third-party currencies like USD.
D
A digital cryptocurrency launched jointly by the central banks of both nations for retail payments.
Correct answer: (c) A bilateral mechanism allowing trade transactions in local currencies rather than third-party currencies like USD.
Explanation
Option C is correct as the Local Currency Settlement System allows direct Rupee-Dirham trade settlement, bypassing third-party currencies like USD. Options A, C, and D are factually incorrect definitions invented as distractors.
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