Sri Lanka debriefs Indian rupee as designated foreign currency,
Sri Lanka debriefs Indian rupee as designated foreign currency,
Indian External Affairs Ministry Spokesperson Arindam Bagchi
affirms that Sri Lanka notifies the Indian rupee as a designated currency.
Adding that making Indian rupee (INR) a designated foreign currency not only enables trade settlement amidst the two countries in INR but for transactions Indian tourists coming to Sri Lanka can use the INR.
Amid a weekly media interaction in New Delhi.Bagchi
further added that in terms of trading in their national currencies, Sri Lanka has already notified India Rupee as designated foreign currency in their system.
Intensfying financial and economic connection
Bagchi mentions that the utilisation will depend on India’s private sector and people who engage in the trade sector.
And that they would like to deepen this financial and economic connection.
The comments came hours before Sri Lankan President Ranil Wickremesinghe landed in the capital New Delhi to kickstart his two-day visit to India.
Wickremesinghe arrived in India at the invitation by Prime Minister Narendra Modi. He is the first Sri Lankan leader to visit India after he assumed office in July 2022 after his predecessor, Gotabaya Rajapaksa, fled Sri Lanka amid massive public protests.
Moreover, the island nation was hit by an unprecedented economic crisis.
During India visit President Wickremesinghe also met his Indian counterpart Droupadi Murmu and discussed various issues of mutual interest with Prime Minister Narendra Modi and other Indian dignitaries.
In a press release, the Indian Ministry of External Affairs (MEA) noted, that Sri Lanka is an important partner in India’s Neighbourhood First Policy and Vision SAGAR. The visit will reinforce the longstanding friendship amidst the two countries and explore avenues for enhanced connectivity and mutually beneficial cooperation across sectors.
Meanwhile, Bagchi earlier in the day said that Wickremesinghe’s India visit is a major one as the country has important, multifaceted relations with the island nation.
And that this is a very important visit, it is a neighbouring country with whom they share important relationship and multifaceted relations.
Notably, ever since Sri Lanka plunged into economic chaos, India has been helping the island country by providing aid, medicines and other essential items.
News input KV Raman
