Wickremesinghe is on a two-day visit to India. He is the first Sri Lankan leader to visit India since the island nation suffered an unprecedented economic crisis last year.
Sri Lanka has announced the Indian rupee (INR) as a designated currency, the Indian Foreign Ministry announced yesterday ahead of Prime Minister Narendra Modi’s meeting with Sri Lankan President Ranil Wickremesinghe today in New Delhi for negotiations. This decision allows for bilateral trade payments in INR and allows Indian tourists visiting Sri Lanka to use INR.
Turning INR into a designated foreign currency enables bilateral trade payments in INR and allows Indian tourists visiting Sri Lanka to be able to use INR for transactions.
Bagchi said usage will depend on India’s private sector and commercial stakeholders.
“Sri Lanka is an important partner in India’s Neighborhood First Policy and SAGAR Vision. The visit will strengthen the longstanding friendship between the two countries and explore avenues for enhanced connectivity and mutually beneficial cooperation across sectors,” the MEA’s press release said.
India provided nearly $4 billion worth of aid to Sri Lanka last year.
Sri Lanka will focus on grid connectivity between the two countries, port development and renewable energy projects, mainly in the north, when President Wickremesinghe visits India, Sri Lankan Foreign Minister Mohamed Uvais Mohamed Ali Sabry said earlier this month.
Fiber2Fashion (DS) News Desk
