Bangladesh will trade with India in rupees instead of dollars
Spokesperson of Bangladesh Bank. Majbaul Haque said India-Bangladesh trade using rupees instead of US dollars is at an experimental stage. There are some bilateral issues. They are being resolved. Hoping for a positive decision.
Initiatives are being taken so that Bangladesh can trade with India in rupees. It is said that the matter is now in the experimental stage.
There is a large trade deficit between the two countries. In the fiscal year 2021-22, Bangladesh exported goods worth $200 million to India. In contrast, Bangladesh imported goods worth 1,619 million dollars from India. The deficit amount is 1 thousand 419 million dollars.
The use of rupees will start in Bangladesh's large amount of trade with India. Bangladesh Bank has done all kinds of review in this regard. It will increase gradually.
In response to the question whether there will be a fixed dollar quota for opening LCs, Bangladesh Bank spokesperson Majbaul Haque told the media that LCs will be opened according to the needs of businessmen. We are importing more than exporting from India. There is a trade deficit for this. As a result, this matter is also being considered in the case of trade with India in rupees.
Another responsible source of Bangladesh Bank, on condition of anonymity, said that to trade with India in rupees, separate agreements for the use of rupees should be signed with the banks of India and Bangladesh. They are being worked on.
Businessmen of both countries are also preparing for trade with India. India-Bangladesh Chamber of Commerce and Industry has already submitted the entire picture of trade between the two countries to Bangladesh Bank in the form of a proposal.
In the Bangladesh-India ministerial meeting on trade held in the Indian capital New Delhi on December 22-23 last year, India proposed to introduce the rupee as a medium of trade for both countries.
Then this year, on February 24-25 in Bengaluru, India, on the sidelines of the meeting of finance ministers and central bank governors of the G20 countries, there was a discussion between the two countries about the alternative to the dollar as an exchange currency.
There, Bangladesh Bank Governor Abdur Rauf Talukder and Reserve Bank of India Governor Shaktikanta Das discussed the possibility of using rupees instead of US dollars.
What's Your Reaction?
