Since its introduction, trade settlements have been running on a pilot basis in Sri Lankan banks, specifically in the Bank of Ceylon. In an event conducted by the Indian High Commissioner in Sri Lanka on March 2, representatives from the State Bank of India, Indian Bank, Reserve Bank of India, and Bank of Ceylon spoke about the benefits of adopting the Indian rupee for trade settlements.
The use of the Indian rupee for trade settlement can prove beneficial for both Sri Lanka and India. Sri Lanka has been facing the worst economic crisis for the last few years, and the culmination will lead to political instability in 2022. The abysmal depletion of foreign reserves was one of the primary reasons for the economic crisis in Sri Lanka, because of which importations of essential goods like medicines, food supplies, and oil were severely hampered. The use of the Indian rupee for trade settlement between both countries can provide Sri Lanka with much-needed liquidity. Most importantly, it will allow Sri Lanka to trade with India without having to deal with the US dollar.
This story is from the April 2023 edition of Extraordinary and Plenipotentiary Diplomatist.
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This story is from the April 2023 edition of Extraordinary and Plenipotentiary Diplomatist.
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