In a landmark development, Bangladesh and India launched trading in rupees on Tuesday in an effort to curb US dollar dependency in the wake of the Russia-Ukraine war. Tamim Agro Industries is the first company in Bangladesh to open an export LC worth 16 million rupees. Indian importers can open letters of credit in those two Indian banks to import goods from Bangladesh in rupees. Similarly, Bangladeshi importers can open letters of credit in those two selected Bangladeshi banks to import products from India in rupees. The governor said they had been discussing for a long time to start trade in rupees.

Source: Dhaka Tribune July 11, 2023 16:18 UTC