Trade with India in Rupees to start on July 11

Bangladesh’s trade with India in Rupees will start on July 11 alongside the usual transaction method in US dollars as both the countries have completed necessary preparations in this regard.

But, under the fresh arrangement, such amount of Indian currency can be utilized to meet the import cost which will be equal to the export income in Rupees, reports BSS.

Officials concerned said that no bank or businessmen would be able to buy Indian Rupees through US dollars or any other foreign currencies to meet the import payments.

The trade and transactions with India in Bangladesh part will be done by Sonali Bank Ltd, Eastern Bank and the State Bank of India while the operations in the Indian side will be done by the State Bank of India and ICICI Bank.

The formal operations in this regard will start on July 11 with Bangladesh Bank Governor Abdur Rouf Talukder and Reserve Bank of India Governor Shaktikanta Das making the inaugurations through virtual platform.

Chief executives of the banks and high officials of the Indian High Commission in Dhaka will remain present on the occasion.

Talking to BSS, managing director of the state-run Sonali Bank Ltd. M Afzal Karim said they have already completed necessary preparations to start trade with India in Rupees.

“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.