The currency swap arrangement between the Bank of Russia and the Bangladesh Bank has entered a new phase — the latest development in the bilateral currency swap arrangement, initiated in 2020.
Russia is pursuing the Bangladesh Bank to encourage local banks to join Russian equivalent of the SWIFT financial transfer system, SPFS (System for Transfer of Financial Messages), developed by the Russian central bank.
Media reports maintained this adding the banks in Bangladesh were, however, not in favour of adopting SPFS as they, reportedly, fear facing US sanctions as Russia has already lost access to SWIFT, the global payment channel.
The issue had, reportedly, come up for discussion at the recent board meeting of the Bangladesh Bank, wherein the board members have, reportedly, decided to go slow on joining the Russian alternative to SWIFT.
