The two countries have agreed to use their respective currencies, i.e. taka and rupee, in Bangladesh-India bilateral trade transactions.
Accounts will be opened in Sonali Bank and Eastern Bank of Bangladesh, State Bank of India and ICICI Bank to facilitate cross-border transactions. Two banks in India will open similar accounts in two banks in Bangladesh.
According to media reports about individuals, Global Carding requires ‘Vostro’ and ‘Nostro’ Cancomal to open your account.
The original owner, owner and constitution of Sonali Bank. Afzal Karim told the media that if there is bilateral trade with money, the pressure on the United States will be reduced. The country will benefit from hanging. And the situation in India will further police this process.
Amid the ongoing dollar crisis, discussions have been going on for months to settle the issue of taka and rupee transactions. However, not all bilateral trade between the two countries will be in local currency.
In the last financial year, the import and export of Bangladesh from India was about 13.69 billion US dollars. Of this USD 2 billion will be traded in Rs and the rest in USD. Meanwhile, exports from Bangladesh to India are about 2 billion US dollars and these will be exported in taka and taka.
Earlier, a delegation from Reserve Bank of India and State Bank of India visited Dhaka to discuss the transaction process between the two countries. On April 11, the delegation held a meeting with the managing directors of Eastern Bank and Sonali Bank and discussed payment methods for commercial transactions in taka and rupee between the two countries.
Bangladesh Bank Executive Director and Spokesperson Mejbaul Haque told the media that a few months ago, the Central Bank of India issued instructions regarding direct transactions in Taka. There are some procedural issues with this type of transaction.
Abdul Matlub Ahmed, president of Bangladesh-India Chamber of Commerce and Industry, told the media that they have been urging the central banks of the two countries for quite some time to complete the transaction equivalent to Bangladesh’s exports to India in taka and rupee.
He said the procedural steps are being looked into. However, it may take a few months for taka and rupee transactions to start.