Bangladesh and India will begin trading in rupees this month, with their central banks making all necessary preparations. Beginning July 11, exporters in Bangladesh will receive export revenues in rupees, with an equal amount used to satisfy import bills.
Taka trading will be introduced later. The move follows the Reserve Bank of India’s decision last year to enable overseas transactions to be settled in Indian currency.
Sonali Bank and Eastern Bank of Bangladesh have received permission from the Reserve Bank of India to create special accounts for rupee transactions.
In addition, the Bangladesh Bank has chosen to deploy a taka-rupee-based debit card in September, to conserve US dollars. The card will allow users to make taka payments and spend Indian rupees while visiting India.
According to official figures, Bangladesh now exports $2 billion to India and imports almost $14 billion.
