Eastern Bank Limited (EBL) celebrated the first successful rupee trade settlement for Habiganj Agro Limited - a concern of Pran RFL Group - on Wednesday.
This import and export settlement in rupee amounted to over 2.4 million, setting the stage for a new era in economic and commercial collaboration between the two neighbouring countries, according to a press release.
Commerce Minister Tipu Munshi, MP, attended the ceremony at EBL head office in Gulshan in the city.
He said, "This is the first time Bangladesh has done bilateral trade with a foreign country in addition to the US dollar. I think this a major step in a great journey in bilateral trade relations."
Ali Reza Iftekhar, managing director and CEO of EBL, said, "The purpose of this mechanism is to alleviate pressure on Bangladesh's foreign exchange reserves and reduce transaction costs, ensuring a smoother and more efficient trade process."
Pranay Verma, high commissioner of India to Bangladesh, said, "This new trade regime will address the loss that takes place while trading in dollars because of multiple conversions and facilitating greater trade competitiveness."
According to Abdul Matlub Ahmad, president of the India-Bangladesh Chamber of Commerce & Industry (IBCCI), Bangladesh exports goods valued at approximately $2 billion to India and imports nearly $14 billion worth of products.
He said the newly established trade regime is designed to mitigate losses incurred due to multiple currency conversions while trading in dollars, ultimately enha-ncing trade competitiveness.
Zakir Hossain Chowdhury, executive director at the Foreign Exchange Policy Department of the Bangladesh Bank, said, "Recently permission has been given to Islami Bank for rupee trade settlement. More banks will be given permission soon."
Ahmed Shaheen, additional managing director of EBL, gave the vote of thanks.
The programme was attended by business leaders, representatives from ICICI Bank and State Bank of India and senior executives of other local banks.
Source: The Financial Express
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