BB to launch taka-rupee-based debit card in September

The Bangladesh Bank has decided to launch a taka-rupee based debit card in the country from September, aiming to save dollars. 

This card will allow users to make various payments, including domestic purchases, using Taka, as well as enable them to spend in Indian rupees when traveling to India.

Bangladesh Bank Governor Abdur Rouf Talukder made this announcement while presenting the new monetary policy for the first half of FY23-24 on Sunday (18 June). 

"Holders of this card will be able to use it as a debit card within Bangladesh. When traveling to India, they will have the convenience of spending up to $12,000 worth of rupees through their travel quota using this card," said the governor.

The introduction of this card is expected to eliminate the need for double currency exchanges, thereby saving the 6% expenditure loss incurred in converting taka to dollars and then dollars to rupees, the governor added.

He said this convenience will be particularly beneficial for Bangladeshi tourists who frequently visit India. 

Bangladesh holds the distinction of being among the countries with the highest number of tourists visiting India, with over 21.56 lakh Bangladeshis visiting in 2017 on tourist visas.

Governor Abdur Rouf Talukder further mentioned that Bangladesh and India have reached an agreement to settle a portion of their bilateral trade transactions in their respective currencies, aiming to alleviate the pressure on dollar reserves. 

He stated, "We have nearly $2 billion worth of exports to India, and this portion will be settled in rupees."