Speakers at the SAARCFINANCE seminar on “Trading and Prospects for the SAARC Countries” emphasized on the benefits of trading in local currencies such as reducing pressure on Forex reserves, enhancing bilateral trade and lowering transaction costs.
They outlined the challenges like exchange rate risk, currency convertibility issues and the need for strong financial infrastructure and market confidence
The SAARCFINANCE Seminar was held at a hotel in Chattogram under the auspicious of the SAARCFINANCE Wing, Research Department of Bangladesh Bank on Friday last.
The inaugural session was graced by Abdur Rouf Talukder, Governor of Bangladesh Bank, as chief guest.
Dr. Md. Khairuzzaman Mozumder, Secretary of the Finance Division, Ministry of Finance joined as special guest.
In addition, Dr Md Habibur Rahman, Deputy Governor of Bangladesh Bank delivered the keynote speech at the inaugural session and Dr. Aditya Gaiha, Chief General Manager (in-charge) from the Reserve Bank of India (RBI), was also present as a special guest.
Dr. Sayera Younus, Executive Director (Research) of the Bangladesh Bank presented the welcome remarks.
BB Governor Abdur Rouf Talukder emphasized the strategic importance of trading in local currencies for reduced US dollar dependency, economic stability and regional integration.
The audience included delegates from the central banks of SAARC member countries, including those present in person from Bangladesh, Bhutan, India, Nepal, Sri Lanka and those attending online from Pakistan and the Maldives, as well as officials from various government ministries, the Bangladesh Bank, different commercial banks and representatives from various trade bodies in Bangladesh.
Dr. Sayera Younus, Executive Director (Research), welcomed the attendants, highlighting the benefits for regional economic development and the seminar's goal of exploring local currency trading among the SAARC countries.
She expressed gratitude to the guests and encouraged foreign delegates to enjoy Chattogram's natural beauties.
After the welcome remarks, Dr. Md. Habibur Rahman, Deputy Governor of Bangladesh Bank, in his key note speech, emphasized on the benefits of trading in local currencies such as reducing pressure on Forex reserves, enhancing bilateral trade and lowering transaction costs.
He also outlined the challenges like exchange rate risk, currency convertibility issues and the need for strong financial infrastructure and market confidence.
Dr. Aditya Gaiha, in the inaugural session at the SAARCFINANCE Seminar from RBI pointed out the importance of local currency trading for policy makers, central banks and economic stakeholders.
He marked some challenges such as foreign exchange reserves, external liabilities and macroeconomic instability exacerbated by post-COVID conditions and geopolitical tensions.
