Standard Chartered Bangladesh recently competed the first Indian Rupee (INR) denominated trade transaction for Walton Hi-Tech Industries PLC, a concern of the Walton Group, to facilitate refrigerator and freezer exports to India. This milestone is also the first BDT-INR export transaction for Bangladesh’s electronics industry.
The export transaction is the first cross-border trade transaction for Standard Chartered Bangladesh to have been settled in each nation’s respective local currencies – opening up a new avenue for currency diversification.
The ability to offer payment options in Indian Rupees to the WaltonHi-Tech Industries PLC’s India-based customers allows the organisation greater operational flexibility and simultaneously assists in the conglomerate’s brand enhancement and the country’s overall export diversification objectives.
Naser Ezaz Bijoy, CEO, Standard Chartered BD, said,“Today’s event is a symbol of inspiration, collaboration, innovation and a matter of pride for the nation. Whilst this will have the benefits of simplified conversion, faster transaction timelines, this is a start which bears tremendous potential for the future. ”
Golam Murshed, MD & CEO, Walton Hi-Tech Industries PLC, said “Currently Bangladesh is using US dollars to settle international trade transactions. To help alleviate the current liquidity situation and reduce dependency on the US dollar, Bangladesh and India have initiated bilateral trade settlement in their respective local currencies. ”