Russian oil can now be bought from India as well
The country’s foreign exchange reserves are under pressure, so the possibility of other currencies and systems should be explored as an alternative to the dollar. There are plans to buy oil from Russia. As a result, the same amount of goods that Bangladesh exports to Russia can be brought through currency exchange. Anything above that cannot be done through currency exchange. In that case some alternative measures should be explored.
Huge work is going on in our Rooppur nuclear project. Big deals are happening. As a result, it should be considered whether something can be done under the overall economic relationship rather than just trade.
From them we can import goods on trade credit, that is, the price of the goods we import from them will be repaid after a few months—going to such an arrangement. But its duration is usually not very long. It’s not bad to get it even for a few months. It will not be in rubles. This may move the dollar around a bit.
On the other hand India has offered to trade with us in Rs. But in this case the problem is more. Because our trade deficit with them is more like 650 million dollars.
The same applies in this case, that is, as much as we export to India, we can exchange as much currency. But it is not possible to exchange much with them as our deficit is high. But one thing can be done—Russia is said to be selling oil to India at a 30 percent discount. Indian private companies are importing this oil.
Now if we can come to an agreement with them, if they give us oil at a discount of 15 to 20 percent with some profit, then we will save some dollars. This will reduce the pressure on reserves.
China and Russia have introduced alternatives to SWIFT. This is a different matter. If there is a problem with transactions with Russia, they can turn to it. This transaction is also done in dollars. But there are concerns among analysts about its security. As a result, we have to look into the whole issue in terms of using it. overall