Bangladesh-India trade through rupee begins

Bangladesh and India have begun bilateral trade through Indian rupee (INR) in an effort to reduce their over-reliance on the dollar and to speed up and reduce the expenses of their burgeoning trade.

Bangladesh Bank (BB) and the Indian High Commission in Dhaka jointly sponsored the launching ceremony on Tuesday in a Dhaka hotel.

Two export letters of credit from Tamim Agro and Shahjahan Mia of Bangladesh, totaling 28 million Indian rupees, and two import letters of credit from Nita Company and Abdul Matlub Ahmad, totaling 12 million Indian rupees, were handled by four participating banks—Sonali Bank, Eastern Bank of Bangladesh, State Bank of India, and ICIC Bank.

BB Governor Abdur Rouf Talukder attended the event as the chief guest while Senior Secretary of the Commerce Ministry Tapan Kanti Ghosh, Indian high commissioner in Dhaka Pranay Verma and Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Jashim Uddin, among others, were present.

/MHK/