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asia.nikkei | Bangladesh finds way to pay Russia for nuclear plant: with yuan, 17 Mar taka (BDT)

... "Because of the sanctions against Russian banks," [.BD Ministry of Finance Economic Relations Division sec Uttam Kumar] Karmaker said, "we couldn't process payments in U.S. dollars. Russia asked us to settle the payments in their currency, rubles, but that was not feasible. So we both opted for yuan."

Rooppur, when completed, will be capable of generating 2,400 megawatts of power. It is to be a crucial element of Bangladesh's plans to generate more energy and reduce its reliance on coal. The new arrangement, which should help ensure the project moves forward, comes amid growing calls from Global South nations and others to move away from the dollar and reduce the dominance of Western-led financial institutions.

Under the pact, Bangladesh will resolve payments with Russia via a Chinese bank, likely drawing on Dhaka's own reserves of yuan. Russian beneficiaries will receive funds through China's Cross-Border Interbank Payment System (CIPS), a yuan-driven alternative to the dollar-dominated SWIFT system....

archived EU starts talks on 11th round of Russia sanctions, China Imports Uranium from Ally Russia, Hungary moves ahead with construction, Russia's Rosatom starts building, Ruble and Yuan and SWIFT, INSTEX, SFPS, and CIPS in Ruble and Rupee, Mon Feb 28th 2022

RT | India's new foreign trade policy aims to smash dollar's hegemony, 14 Apr BJP - G20 hyperbole and carry trade

[...]
Though India has been working overtime to push the rupee for its global trade, the realities are far from ideal, as the currency has considerably weakened in the past year. In the case of India-Russia bilateral trade, which has been rapidly growing since the Ukraine conflict started, New Delhi has found a viable alternative.

India [INR] and Russia [RUB] have decided to route goods through third countries such as the UAE, which enjoys healthy ties with both the nations, and also because the emirates' currency—the dirham [AED]— is pegged to the dollar, and as a result, the dirham enjoys global stability. Both nations have come to the understanding that this is the best way to engage in bilateral trade and also avoid trading in rupees, rubles and dollars.
[...]

parity watch
BDT:RMB, 1:0.06
BDT:RUB, 1:0.77
BDT:USD, 1:0.009

AED:INR: 1:22.33
AED:RUB, 1:22.29
AED:RMB, 1:1.87
AED:USD, 1:0.27

by Cat on Mon Apr 17th, 2023 at 05:36:34 PM EST

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