India, Sri Lanka may use rupee for transactions

Colombo, March 5

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India and Sri Lanka are exploring the possibility of using the Indian Rupee for economic transactions and have discussed the initiative that will help in building a stronger and closer partnership through trade and investment-led measures between the two countries.

The High Commission of India here organised a discussion on the use of the Indian Rupee (INR) for transactions between India and Sri Lanka on Thursday.

“Representatives from the Bank of Ceylon, State Bank of India and the Indian Bank shared their experiences on carrying out INR-denominated trade transactions through respective Vostro/Nostro accounts after the creation of enabling framework by the Reserve Bank of India and the Central Bank of Sri Lanka in 2022,” the High Commission said.