Posted on 04/02/2023 6:10:07 AM PDT by Its All Over Except ...
Bangladesh could soon start trading with India using rupee instead of US dollar, trial for which has been done by Bangladesh Bank recently, reports UNB.
The ministry of commerce has placed a written recommendation at the last cabinet meeting regarding the possibility and opportunity of using rupee instead of dollar.
Currently Bangladesh exports goods to India worth around USD 2 billion.
“The use of rupee will start with Bangladesh's $2 billion trade with India. Bangladesh Bank has almost finished all kinds of trials in this regard. Trading in rupee will be introduced in both countries only after bilateral decision on some issues,” an executive director of Bangladesh Bank told the news agency.
Wishing anonymity, he said that banking systems in India and Bangladesh have to sign separate agreements on using rupee.
Meanwhile India-Bangladesh Chamber of Commerce and Industry (IBCCI) has submitted the total trade account to the central bank in the form of a proposal. This initiative is being taken to overcome the existing dollar crisis, sources said.
Bangladesh Bank spokesperson Md Mezbaul Haque said that India-Bangladesh trade, using rupee instead of US dollar, is still in the experimental stage. Some issues still need to be settled.
In response to a question whether there will be a fixed annual dollar quota for opening LCs, he said, LCs will be opened according to the needs of businessmen. But the only source of rupees is from the export earnings of Bangladeshi goods in India.
Currently India is trading in rupees with Russia, Mauritius, Iran and Sri Lanka.
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(Excerpt) Read more at bd-pratidin.com ...
Your post reads like something created by ChatGPT.
I’ll try that sometime.
I had heard that about Mexico.
Adorno, Pox, and others here still don’t realize the only way to turn this around is by healing relationships with African, Asian, South and Central American nations who have seen endless neocon/neoliberal American policies and are tired of it.
To turn things around requires Americans saying no to all neocon, neoliberal policies.
As I write this, the US Dollar is trading at 102.285, against a basket of foreign currencies.
Except for a sharp spike to 112.1 in June 2022, the USD is still trading at a 21 year high.
I do not understand why other exporting countries want to crash the US Dollar.
The USA buys more foreign goods than any other nation in the world.
If the USD crashes, our purchase of foreign goods will crash, too.
I think America-haters are people who came out with the idea to ban the use of dollar by Russian exporters a year ago.
Did they think that the trade is going to stop or what?
There are commentaries as to how this steady drip drip of countries adjusting their payments systems, and entering into such trade agreements with this and that country that lessen their use of and dependence on the USD, will continue apace until some critical mass is reached and boom, enough countries will demand more compensation to buy our debt and our reserve status will evaporate rather quickly.
This assumes these various currencies can be supported/backed by adequate GDP. Some will maintain viability, some won’t.
True? I tend to think yes, as every reserve currency back to the dark ages has faltered first and then fell flat.
It today’s western world, where are you going to find those capitalism/free-market-based systems?
Sadly, capitalism has or is being systematically decimated.
Wars will be the dynamic the West tries to use to alter the playing field.
We are left to watch it all unfold in slow motion.
I am glad for my relatively advanced age as ecoonmies falter, wars precipitate and on top of it all, the world climate returns to the Maunder minimum times of longer winters, shortened growing seasons and famine.
Over the last two decades, the United States dollar has lost 12 percentage points of market share falling from 71% to 59%, according to the International Monetary Fund.
The India-based Megh Updates platform, one of the world’s largest online informational platforms in terms of views, has stated that BRICS countries have officially overtaken G7 in share of world PPP GDP, and that this trend can be expected to continue.
The BRICS is also expanding – Bangladesh, Egypt and the UAE have all just joined the BRICS New Development Bank, with numerous other countries poised to do the same.
The current BRICS five now contribute 31.5% of global GDP, while the G7 share has fallen to 30%. The BRICS is expected to contribute over 50% of global GDP by 2030...
It’s about to accelerate.
A gold, silver, platinum, oil, lithium, rare-earth minerals-backed unified BRICS currency may weather the storm if anything can.
Bkmk
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