Bangladesh may start trading with India using rupee soon
Bangladesh could soon start trading with India using rupee instead of US dollar, trial for which has been done by Bangladesh Bank recently, reports UNB. The ministry of commerce has placed a written recommendation at the last cabinet meeting regarding the possibility and opportunity of using rupee instead of dollar. Currently Bangladesh exports goods to India worth around $ 2.0 billion. “The use of rupee will start with Bangladesh’s $2 billion trade with India. Bangladesh Bank has almost finished all kinds of trials in this regard. Trading in rupee will be introduced in both countries only after bilateral decision on some issues,” an executive director of Bangladesh Bank told UNB. Wishing anonymity, he said that banking systems in India and Bangladesh have to sign separate agreements on using rupee. Meanwhile, India-Bangladesh Chamber of Commerce and Industry (IBCCI) has submitted the total trade account to the central bank in the form of a proposal. This initiative is being taken to overcome the existing dollar crisis, sources said. Bangladesh Bank spokesperson Md Mezbaul Haque said that India-Bangladesh trade, using rupee instead of US dollar, is still in the experimental stage. Some issues still need to be settled.
Bangladesh seeks EU support for sustainable economic growth
The support and cooperation of the European Union would remain vital for Bangladesh in its pursuance of sustained economic growth in the post-LDC era. The EU is an indispensable trade and development partner of Bangladesh, and its trade preference under GSP scheme helped Bangladesh to secure big export share in the EU countries, which has contributed a lot in achieving the threshold requirement for LDC graduation. The continued trade preferences under the EU’s GSP would contribute to making the LDC graduation smooth and sustainable, reports BSS citing a press release. A delegation led by Mohammad Tofazzel Hossain Miah, Principal Secretary to the Prime Minister of Bangladesh, made the observations during a meeting with Helena K”nig, Deputy Secretary General for Economic and Global Issues, European External Action Service (EEAS) and Monika Bylaite, Deputy Head of Delegation, South Asia, EEAS, in Brussels on Thursday. Other members of the delegation were Commerce Ministry Senior Secretary Tapan Kanti Ghosh, Bangladesh Ambassador to Belgium Mahbub Hassan Saleh, Deputy Head of Mission Preeti Rahman, BGMEA President Faruque Hassan, former President of MCCI Nihad Kabir, and Commercial Counsellor Md. Saiful Azam.
Wahida joins Agrani Bank as DMD
Wahida Begum joined Agrani Bank Limited as deputy managing director on March 28, said a press release. She was appointed to Agrani Bank through a notification released by Financial Institutions Division of the finance ministry on March 27. Wahida started her career by joining Rupali Bank Limited as a senior officer in 1998. She performed her role as general manager, zonal manager, head of department, chief executive officer of Rupali Securities Limited at different stages of her career. Prior to her current appointment, she served Ansar-VDP Unnayan Bank as managing director, said the press release.