Recently, Unilever Bangladesh Limited (UBL), a multinational fast-moving consumer goods (FMCG) corporation, had its first trade transaction facilitated by Standard Chartered Bangladesh in Indian Rupees (INR).
This historic accomplishment represents the first cross-border import transaction by Standard Chartered Bangladesh to be settled in the native currencies of each country, according to a press statement.
The Bank is still dedicated to creating fresh prospects for currency diversification, leading the way in innovative solutions, and supporting customer expansion.
With this significant import transaction, Unilever Bangladesh Limited is now able to provide its Indian Rupee-based suppliers with payment options. As a result, UBL will be able to benefit from increased operational flexibility and support its efforts to grow and improve its brand.
Savings and lower expenses are also achieved by having access to direct invoicing services in Indian rupees. The Bank is able to offer smooth BDT-INR transactions and trade capabilities thanks to Standard Chartered’s worldwide network and presence in the region, which speeds up bilateral trade between the two nations.
Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, said, “The Indian Rupee holds great promise for exporters and importers, and we are pleased to be able to work towards building depth in the INR market with two-way trades. The market size of consumer goods in Bangladesh is approximately US$3.6 billion with an annual growth rate of 9 percent. So, the successful execution of this INR-BDT import transaction sets a precedent for other companies – driving collective progress and advancement across one of our nation’s most promising sectors.”
“We are excited to learn from this opportunity and are proud to contribute to shaping the future of international trade. We are equally pleased to complete our maiden INR import transaction with Unilever Bangladesh, a trusted partner in our endeavours to further economic progress, sustainability, and social empowerment,” he added.
Zaved Akhtar, Chairman and Managing Director, Unilever Bangladesh Limited (UBL), said, “Unilever Bangladesh has a long tradition of being a responsible and pioneering business, and our strategic choice is to deliver superior business performance through our purpose-led, future-fit business model.”
In the recent past, he said, the country has faced economic volatility due to external factors like global conflicts and supply chain disruptions, which resulted in shortfall of USD impacting our reserves.
“Last year, the Bangladesh government started bilateral discussions with India and opened the option of Letters of Credit in Rupee as an alternative. I am happy that Unilever Bangladesh Limited and Standard Chartered Bangladesh have been one of the pioneers to support this activity by initiating INR transactions. This will not only reduce the reliance on the dollar but also alleviate the pressure on Bangladesh’s forex reserves. Through innovative macroeconomic strategies and partnerships like ours, the private sector will be able to support Bangladesh’s long-term economic growth,” he added.
The only international universal bank in Bangladesh, Standard Chartered has been operating continuously for more than 119 years.
The bank is enabling significant investments in power, energy, transportation, and urban development as the country’s enduring partner in progress.
A significant portion of all foreign bank loans to SMEs, power generation financing, and export and import financing is accounted for by Standard Chartered. Modern technology and creativity are used by Standard Chartered to create customized solutions for stakeholders in Bangladesh and abroad.
*
Email *
Website
