South Asia
Trade | Indian Rupee Bangladesh-India trade starts in Indian Rupees, trade of Rs 28 million recorded on the first day
Dhaka, July 11: Bangladesh has entered a new era of foreign trade currency diversification. Through this, commercial transactions between Bangladesh and India have started in Indian Rupees. Transactions on the new journey began on Tuesday with the opening of import-export letters of credit (LC) worth Rs 28 million on the first day.
After the official inauguration, Tamim Industries Limited of Bogra sent the first export invoice from Bangladesh. The value of the export consignment was Rs.16 million. ICICI Bank of India opened this import credit. And the exporter's bank was the Bangladesh branch of State Bank of India (SBI).
Meanwhile, Nitol Niloy Group has made the first import in the country in Indian Rupees. The value of the import invoice is Rs 12 million. Dhaka office of SBI opened the import loan. Import and export invoices are handed over by Sonali Bank and Eastern Bank of Bangladesh and State Bank of India and ICICI Bank of India.
Bangladesh Bank's Jahangir Alam Conference Hall on Tuesday, Bangladesh Bank's Executive Director and Spokesperson Md. Mezbaul Haque spoke about the commercial activities of Indian Rupees. Earlier in the morning, the transaction of Indian Rupees in bilateral trade or import-export between Bangladesh and India was inaugurated in a hotel in the capital. During the inauguration, Bangladesh Bank Governor Abdur Rauf Talukder and Indian High Commissioner to Bangladesh Pranay Verma were present along with the businessmen of the two countries.
In the press conference, Mezbaul Haque said that so far, in the case of import and export with India, operations were carried out by transferring Taka to Dollars and Dollars to Indian Rupees. As a result of the opening of import and export in Rupees with India, from now on transactions will be done by direct transfer from Taka to Rupees. As a result, the traders will be exempted from the transaction fee that had to be paid in the transfer from Rupees to Dollars and from Dollars to Rupees.
In response to the questions of the journalists, the spokesperson of Bangladesh Bank said that on July 11, 2022, 22 countries agreed to trade with them in Indian Rupees at the call of the central bank of India. Eighteen countries started trading. We became the 19th country to start trading with them in Rupees. There is a huge difference in imports and exports with India. As a result, Bangladesh is less likely to benefit from this initiative. But since mutual transactions between the two countries have started through Indian Rupees, Bangladesh's exports will also gradually increase. Then Bangladesh can benefit like India.
About fixing the exchange rate between Taka and Rupee, he said, the exchange rate of Rupee will be fixed based on the average of the dollar exchange rate of the two countries.
