Bangladesh makes first move away from dollars by opening Indian rupee LCs for steel trade

Letters of credit (LCs) denominated in Indian rupees have emerged as a potential remedy for the US dollar crisis in the Bangladesh market when handling transactions with India-based companies, Fastmarkets heard on Thursday July 20.

It was the latest move toward ending a dependence on the dollar, which was underlined by the agreement earlier this week between India and the United Arab Emirates to establish...