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No currency swap, partial trade with India now in rupee only

Bangladesh and India will settle a portion of bilateral trade transactions in rupee, not through the taka-rupee swap that has been under extensive discussions over the past few months.

The Bangladesh Bank has permitted Sonali Bank and Eastern Bank Limited (EBL) to open nostro accounts in rupee with the State Bank of India and ICICI Bank.

Only the income earned in rupee from exports can be deposited into these accounts. And the money deposited in these accounts can only be used to meet the cost of goods and services imported from India.

Source: The Business Standard

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