Bangladesh’s trading with India in rupees will begin on July 11 in addition to the customary transaction method in US dollars, as both nations have completed the necessary preparations.
However, under the new system, such an amount of Indian currency can be used to cover import costs equal to the export income in Rupees.
According to officials, no bank or businessman will be able to purchase Indian rupees using US dollars or other foreign currencies to make import obligations.
Sonali Bank Ltd, Eastern Bank, and the State Bank of India will handle commerce and transactions with India in Bangladesh, while the State Bank of India and ICICI Bank will handle activities in India.
The formal operations in this respect will begin on July 11 with inaugurations through virtual platform by Bangladesh Bank Governor Abdur Rouf Talukder and Reserve Bank of India Governor Shaktikanta Das.
Bank executives and high-ranking officials from the Indian High Commission in Dhaka will be present.
M Afzal Karim, managing director of the state-run Sonali Bank Ltd., told BSS that they had already made the necessary procedures to begin trading in rupees with India.
“Accounts have already been opened with the State Bank of India and ICICI Bank while SWIFT communication system has also been launched with these two banks. Now, any businessman will be able to open LCs in Rupees,” he added.
The top Sonali Bank official said that Bangladesh imports goods worth $14 billion annually from India against the exports of $2 billion.
“If we even can settle this $2 billion in Rupees, then there will be a relief for the country. Furthermore, there will be more scope if the exports volume is increased,” he added.
