Metropolis Report-
To lessen reliance on the US dollar and local currencies, Bangladesh and India have begun bilateral trade settlements in the Indian rupee (INR).
The settlement of almost $16 billion in two-way commerce in Indian rupees aims to save costs, time, and over-reliance on the dollar in the expanding trade between the two countries.
By enabling them to open LCs in rupees rather than dollars, the action is anticipated to give importers some relief.
The pressure on Bangladesh’s foreign exchange reserves, which have been declining as a result of external payments exceeding export and remittance receipts, would also be relieved.
