Finance & Economy

India-Srilanka Mull For Using Rupee Trade; Bangladesh Considering Taka Trade

Published: March 8, 2023
Author: DIGITAL MEDIA EXECUTIVE

A recent training session on using the Indian rupee for bilateral trade settlements was held in Colombo by the Indian high commission to Sri Lanka. The usage of national currencies in transactions was the topic of discussion. According to rumours, Bangladesh and India are considering abandoning the US dollar as the primary medium of exchange.
According to sources in Bangladeshi media, the issue of taka-rupee bilateral exchange and the usage of a dual currency card by citizens of Bangladesh and India was raised at a meeting of Bangladesh’s National Economic Council, which was presided over by Prime Minister Sheikh Hasina.
Given the significant number of payments to India, the decision will also ease the pressure on foreign currencies, according to Bangladesh Bank Governor Abdur Rouf Talukder, who allegedly said as much to the meeting.

If fructifies, is projected to minimise the cost of commerce as well as losses due to rupee-dollar and taka-dollar discrepancies. It is anticipated that the exchange rate will be determined from the two currencies rather than being calculated backwards from the exchange rate for the US dollar.

The most recent bilateral discussions between India and Bangladesh took place on February 24 and 25 in Bengaluru, in conjunction with the G20 finance chiefs meeting.

 

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