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Economy & Business

India, Sri Lanka mulling over using Indian Rupee for economic transactions

The Hawk
March5/ 2023

Indian currency

Colombo: India and Sri Lanka have considered the potential of conducting commercial transactions in Indian Rupees, an action that might strengthen and deepen the bilateral relationship between the two nations through increased commerce and investment.

On Thursday, the Indian High Commission had a roundtable discussion about the feasibility of using the Indian Rupee (INR) in trade between India and Sri Lanka.

"Representatives from the Bank of Ceylon, State Bank of India and the Indian Bank shared their experiences and informed the audience that they had started carrying out INR-denominated trade transactions through respective Vostro/Nostro accounts after the creation of enabling framework by the Reserve Bank of India (RBI) and the Central Bank of Sri Lanka (CBSL) in 2022," the High Commission said in a statement.—Inputs from Agencies