The Daily Star reported that the Sonali Bank and Eastern Bank, of Bangladesh, the State Bank of India (SBI) and the Indian Multinational Bank, established actions during an event held in Dhaka, organized by the Bangladesh Bank (BB) and the High Commission of India.

The institutions delivered export letters of credit in rupees to national companies, among the alternatives that both nations use to also reduce costs and time in the growing bilateral exchange.

Experts say that the move will give a breather to importers currently outperformed in obtaining dollars, and ease pressure on Bangladesh’s foreign exchange reserves, hit by rising foreign payments and declining export and remittance earnings.

Bangladesh Bank will introduce the Taka-Rupee card in September this year to allow travelers to make payments in both countries in their local currencies, Bank Governor Abdur Rouf Talukder said.

Moreover, the BB and Reserve Bank of India authorized Sonali Bank, Eastern Bank and SBI to open accounts with their counterparts in their respective countries using rupees.

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