Following the removal of some Russian banks from the SWIFT system, businesses in Bangladesh are pursuing the concerned banks in the country to shift the payment settlement with Russian banks through China.
Media reports maintained this, adding businesses in Bangladesh suggested the measure as a remedy to the difficulties faced by importers and exporters in Bangladesh after the Western countries’ sanctions following Russia’s invasion of Ukraine.
Reports further added when the transactions will be done through China, the cheque clearing will be Yuan-denominated instead of the Dollar even if in this case, the payment will be made from Bangladeshi bank’s Nostro account in China — a Nostro account is a bank account that a bank holds with a foreign bank in the currency of the country where the funds are held — even if a few banks in Bangladesh, reportedly, have Nostro accounts with China.
But those are not used for payments as 99 per cent of foreign transactions take place through Dollars, claimed reports.
