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Bangladesh central bank allows setting up RMB settlement account

Date:Oct 06, 2018/ News/ Chat online

In August 2018, the Central Bank of Bangladesh recently launched a new policy, allowing the relevant banks to open a RMB settlement account and settle with the central bank. It is understood that the Pakistani central bank approved the Bank of China Karachi branch in early April this year to carry out local RMB clearing and settlement business.

According to the New Deal, Bangladeshi foreign exchange dealers can open a RMB settlement account and settle with the central bank. The foreign currencies that can be settled before are USD, GBP, EUR, JPY and CAD.

Mengla’s executive director, Selaje Islam, told Xinhua that the RMB settlement is a long-term positive for both Bangladesh and China. Li Tao, president of the Bank of China Karachi Branch, said that the cross-border RMB clearing and settlement business of Bank of China has developed rapidly and is capable of providing quality services to customers.

It is understood that the same management regulations apply to the RMB and other international currencies, and arrangements for settlement in RMB are also in place.

China is Bangladesh's largest source of imports. Nur Amin, former chairman of the Bangladesh Banking Association, believes that the new policy will help strengthen Bangladesh-China economic and trade exchanges, reduce dependence on the dollar, and reduce the impact of related exchange rate fluctuations.

Finally, it's worth to say that the RMB was included in the International Monetary Fund's Special Drawing Rights (SDR) currency basket in 2016. While for DOING, this is more convenient for both you and me, after all, Bangladesh also one of our main customer country.

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