No formal decision has been taken to use rupees and takas instead of dollars

No formal decision has been taken to use rupees and takas instead of dollars
No formal decision has been taken to use rupees and takas instead of dollars

Bangladesh Bank Executive Director Sirajul Islam has said that no official decision has been taken at the government level whether rupees and taka will be used instead of dollars in trade with India. This news was reported in a report of the news agency Reuters on Sunday.
According to the report, due to the corona epidemic and the Russia-Ukraine war, the prices of food products and fuel are increasing around the world. Developing and poor countries of the world have to get hold of foreign currency, especially dollars, to pay this additional price. But as a result, these countries are at risk of serious economic imbalance. Already, Sri Lanka has declared itself bankrupt, and one of its neighboring countries, Pakistan, is also depleting its dollar reserves, and the economic crisis is becoming serious.
India’s top bank and lender State Bank of India-SBI has proposed to use rupees and taka instead of dollars in India’s bilateral trade with Bangladesh to avoid a possible disaster in this situation.
On August 24, a letter was sent from the headquarters of SBI to various branches of the bank. The letter said, ‘India’s domestic reserves are under pressure due to rising import costs. In this situation, it can be considered whether the currencies of the two countries, rupees and takas, can be used in bilateral trade with Bangladesh.
Last year, Bangladesh had 48 billion dollars in reserves. But that stockpile is now down to $37 billion due to rising import-related spending. The government of Bangladesh has already asked for a loan of 4.5 billion dollars from the international lending organization IMF to protect the economic balance.
Therefore, in the changed situation, there is a glimpse that Bangladesh is also considering the issue of trading with its largest trading partner India in rupees and takas instead of dollars. At an event in Dhaka last week, Commerce Minister Tipu Munshi said there is no problem in continuing trade with India in the local currency rupee and taka.
Apart from this, the central bank of Bangladesh Bangladesh Bank has also given instructions to various commercial banks that the country’s currency yuan can be used in bilateral trade with China. However, Bangladesh Bank Executive Director Sirajul Islam confirmed to Reuters that no official decision has been taken at the government level on whether rupees and takas will be used instead of dollars in trade with India.


The article is in Bengali

Tags: formal decision rupees takas dollars

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