2024-09-29 02:05:59
Published: 22:55, 25 September 2024 Updated: 22:59, 25 September 2024
Bangladesh Bank has instructed the authorized dealers of foreign exchange not to do any direct transactions with the member countries of the Asian Clearing Union (ACU) including India. Transactions with these countries should be done only through the Central Bank. The central bank gave this order in a circular on Wednesday (September 25).
Aku is an international transaction settlement system. Through this, transactions between Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka are settled. Akur is headquartered in Tehran, the capital of Iran. The central bank of the respective countries pays the amount every two months for the import and export between these 9 countries. Sri Lanka has been dropped from this list due to its recent debt default. Bangladesh’s transactions with other countries outside Akure are completed immediately.
It is known that Bangladeshi banks are doing direct transactions with India through many authorized dealers, even though it is a member country of ACUR. This often increases the pressure on the foreign currency of Bangladesh. To reduce this pressure, all transactions have been directed to be done through Aku.
NF/Rafiq