Walton has initiated export trade operations with India, conducting transactions in Indian rupees. Standard Chartered Bangladesh executed the inaugural Bangladesh-India export transaction for Walton. The deal was sealed by the CEO of Walton Hi-Tech Industries PLC and the CEO of Standard Chartered Bangladesh.
The shift to rupees resulted from the dollar crisis in Bangladesh caused by the Russia-Ukraine conflict, which significantly appreciated the USD against the Bangladeshi Taka, affecting foreign exchange reserves. The bilateral trade between Bangladesh and India in the 2021-22 financial year amounted to $16 billion, with Bangladesh’s exports to India reaching $2 billion. This new settlement system enables Bangladeshi traders to settle bills for imports from India in rupees, with a cap of $2 billion, with Walton taking a prominent role in this endeavor. This move aims to strengthen trade ties and mitigate currency-related challenges between the two neighboring nations.
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