Finance
Bangladesh Transactions in rupees with India started on July 11
Dhaka, July 9, 2023 : In addition to the existing system of dealing with India in US dollars, the transaction in rupees will start on Tuesday, July 11.
In this regard, the preliminary preparations of the two countries are over. However, the amount of export earnings in rupees; Only equivalent amounts of Indian currency can be spent to meet import liabilities.
No bank or trader can settle import liabilities by buying rupees with dollars or any other foreign currency.
The trade will be through Sonali, Eastern and State Bank of India in the Bangladesh part. On the Indian side, transactions will be done through State Bank of India and ICICI Bank. On July 11, a ceremony will be held to inaugurate the official transaction in rupees.
Bangladesh Bank Governor Abdur Rauf Talukdar, Reserve Bank of India (RBI) Governor Shaktikanta Das will inaugurate it on the virtual platform. It is said that the chief executives of the respective banks and Indian High Commission officials will be present in the event organized on this occasion.
On Saturday, the managing director of the state-owned Sonali Bank said. Afzal Karim said, "We have already completed the preparations for launching transactions in rupees. Accounts have been opened in State Bank of India and ICICI Bank and SWIFT communication system has been introduced with these two banks. Now any businessman can open LC for Rs.
He also said that Bangladesh exports about 2 billion dollars to India annually. Imports from the country are about 14 billion dollars. Now if these two billion dollars can be settled in rupees, it will reduce the pressure on the foreign exchange. Apart from this, if the export can be increased in the future, then the opportunity will increase.
