State Bank of India completes first commercial trade in Sri Lankan rupees

State Bank of India completes first commercial trade in Sri Lankan rupees

Daily Current Affairs   /   State Bank of India completes first commercial trade in Sri Lankan rupees

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Category : Business and economics Published on: March 06 2023

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  • Indian lender State Bank of India on Thursday said it completed its first non-dollar transaction with Sri Lanka, by paying for exports in Sri Lankan rupees as India looks to bring countries that are short of U.S. dollars into the trade mechanism.
  • The move comes as Sri Lanka grapples with its worst economic crisis since its independence, triggered by a shortage of dollars. 
  • The island nation's forex reserves stood at $2.1 billion as of end-January.
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