According to a new report from United News of Bangladesh (UNB), India may soon expand its de-dollarization of its trade settlements, settling its trade with Bangladesh in rupees instead of dollars. Reportedly, the two nations have just completed a successful trial of the new system of settlements.

At the last cabinet meeting, the Bangladeshi Ministry of Commerce issued a written recommendation outlining the possibilities and opportunities offered through using the rupee instead of the dollar for trade settlement.

Bangladeshi exports to India presently are worth roughly $2 billion per year.

In an interview, an executive director of the Bangladeshi Bank told UNB, “The use of rupee will start with Bangladesh’s $2 billion trade with India. Bangladesh Bank has almost finished all kinds of trials in this regard. Trading in rupee will be introduced in both countries only after bilateral decision on some issues.”

Speaking anonymously, he noted the banking systems in both India and Bangladesh will have to sign agreements separately on using the rupee.

Bangladesh Bank spokesperson Md Mezbaul Haque said in a statement, that the use of the rupee instead of the dollar in trade settlements between India and Bangladesh is still in the experimental stage, and some issues remain to be worked out.

Currently India is using rupees for settlement of trade obligations in trading with Russia, Mauritius, Iran, and Sri Lanka.