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.