India and Bangladesh likely to use INR in bilateral trade

Instead of the US dollar, Bangladesh is all set to soon start using Indian Rupee (INR), when it comes to the mutual trade between the two countries.

This is as per reports, which added the Bangladesh Bank (BB), which is the central bank of Bangladesh has recently carried out a trial in this regard even as the Commerce Ministry of Bangladesh has reportedly placed a written recommendation to this end at the last cabinet meeting as to the possibility and opportunity of using Indian Rupee instead of the US dollar.

Meanwhile, speaking to the media, an Executive Director of Bangladesh Bank reportedly held the central bank has almost finished all kinds of trials in this regard and trading in INR will be introduced in both India and Bangladesh only after a bilateral decision on some related issues even as the India-Bangladesh Chamber of Commerce and Industry (IBCCI), in the meanwhile, has submitted the total trade account to the Bangladesh Bank in the form of a proposal.

The initiative to this end has reportedly been taken to overcome the existing dollar crisis in Bangladesh, reports further added, citing the sources.