Eastern Bank Limited (EBL) celebrated the successful rupee trade settlement for Habiganj Agro Limited, a subsidiary of Pran RFL Group. This milestone trade settlement, valued at over 2.4 million rupees, marks a significant step in fostering economic and commercial collaboration between Bangladesh and India.
Commerce Minister Tipu Munshi, MP, highlighted the historic nature of this bilateral trade and the importance of India as a trusted partner. He expressed optimism about the future of trade relations between the two countries.
Ali Reza Iftekhar, MD and CEO of EBL, emphasized the significance of this trade settlement mechanism. It aims to reduce pressure on Bangladesh’s foreign exchange reserves and lower transaction costs, making trade between the two nations more efficient.
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Pranay Verma, High Commissioner of India to Bangladesh, noted that this new trade regime would enhance trade competitiveness and reduce losses incurred due to multiple currency conversions when trading in dollars.
Abdul Matlub Ahmad, President of IBCCI, highlighted the potential for improving trade competitiveness through this mechanism and requested the consideration of the Bangladeshi taka in the settlement process.
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Zakir Hossain Chowdhury, Executive Director of FEPD at Bangladesh Bank, announced plans to grant more banks permission for rupee trade settlement in the near future.
This initiative represents a positive step towards strengthening economic ties and facilitating trade between Bangladesh and India, reducing reliance on the US dollar for trade settlements.
