https://sputniknews.in/20230726/de-dollarisation-bangladesh-completes-first-trade-shipment-in-indian-rupees-3202204.html
De-Dollarisation: Bangladesh Completes First Trade Shipment in Indian Rupees
De-Dollarisation: Bangladesh Completes First Trade Shipment in Indian Rupees
Sputnik India
In an aim to decouple the US dollar and strengthen local currency, a Bangladeshi firm purchased thirty pick-ups from Indian sellers using the Indian rupee.
2023-07-26T17:50+0530
2023-07-26T17:50+0530
2023-07-26T17:50+0530
business & economy
bangladesh
india
dedollarisation
digital rupee (e₹)
south asia
reserve bank of india (rbi)
trade in national currencies
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With the aim of decoupling from the US dollar and strengthening local currency, a Bangladeshi firm has purchased 30 pick-ups from Indian sellers using the Indian rupees. This was the first time both countries chose to trade in local currency.The shipment was picked up from India’s Petrapole and arrived at the Benapole land port on Tuesday evening.Petrapole, located in India's West Bengal state, is a major land port for bilateral trade with the neighbouring country.The Bangladeshi Central Bank has permitted three banks – Sonali Bank, Eastern Bank, and the State Bank of India (SBI) – to open nostro accounts in the country with their counterparts in India. On 11 July, Bangladesh Bank and the Indian High Commission announced the inclusion of the rupee among a basket of currencies earmarked for settling transactions between the two countries.The move was also made as India is Bangladesh’s second-largest source of imports, with $13.69 billion in 2022. Dhaka's forex reserves have shrunk by over a third since February 2022, standing at a seven-year low of $31.60 billion.Meanwhile, Bangladesh may also launch a "Taka-Rupee Card" around September for the convenience of Bangladeshi travellers in India.
https://sputniknews.in/20230710/de-dollarisation-bangladesh-moves-to-settle-trade-with-india-in-rupees-2924847.html
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Deexa Khanduri
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decouple the us dollar, local currency, bangladesh taka, bangladeshi, indian rupee, local currency, petrapole, benapole, west bengal, bangladeshi central bank, sonali bank, eastern bank, state bank of india, sbi, nostro accounts, dhaka forex reserves, taka-rupee card,
De-Dollarisation: Bangladesh Completes First Trade Shipment in Indian Rupees
Deexa Khanduri
Sputnik correspondent
Earlier this month, Bangladesh and India announced they would start using the Indian rupee as the designated currency for conducting bilateral trade transactions, as Dhaka’s dollar reserve has shrunk.
With the aim of decoupling from the US dollar and
strengthening local currency, a Bangladeshi firm has purchased 30 pick-ups from Indian sellers using the
Indian rupees. This was the first time both countries chose to trade in local currency.
The shipment was picked up from India’s Petrapole and arrived at the Benapole land port on Tuesday evening.
Petrapole, located in India's West Bengal state, is a major land port for
bilateral trade with the neighbouring country.
The Bangladeshi Central Bank has permitted three banks – Sonali Bank, Eastern Bank, and the State Bank of India (SBI) – to open nostro accounts in the country with their counterparts in India.
On 11 July, Bangladesh Bank and the Indian High Commission announced the inclusion of the rupee among a basket of currencies earmarked for settling transactions between the two countries.
The move was also made as
India is Bangladesh’s second-largest source of imports, with $13.69 billion in 2022. Dhaka's forex reserves have shrunk by over a third since February 2022, standing at a seven-year low of $31.60 billion.
Meanwhile, Bangladesh may also launch a "Taka-Rupee Card" around September for the convenience of Bangladeshi travellers in India.
