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Bangladesh and India to begin bilateral trade in rupees tomorrow
By AKM Zamir Uddin
The Daily Star, Dhaka, Bangladesh
Sunday, July 9, 2023
Bangladesh is set to join a global effort that is seeking to cut over-dependence on the U.S. dollar when it comes to settling foreign trades as the country commences to use the rupee to carry out bilateral transactions with India from July 11.
The move may extend some respite to importers since they will be able to open letters of credit in the rupee to source a portion of the products from the neighbouring country, thus cutting the use of the U.S. dollar to some extent.
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The government has toughened import rules due to the shortage of American greenback, driven by higher import bills, with a view to stopping further depletion of the foreign currency reserve, which has fallen by nearly 30% from a year ago.
Both the Bangladesh Bank and the Indian High Commission are expected to announce the move toward the Indian currency at an event at Le Méridien Hotel in Dhaka on Tuesday. ...
... For the remainder of the report:
https://www.thedailystar.net/business/global-economy/news/new-era-dawns-trade-india-3364336
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