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

Change Language English Hindi

Category : Business and economics Published on: March 06 2023

Share on facebook

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.

"12th Fail" wins Best Film at 71st National Film Awards; multiple actors honoured across categories.
Read More....
Vice-Admiral Sanjay Vatsayan assumes charge as Vice Chief of the Indian Navy.
Read More....
Bihar’s draft voter list shows reduction of 65 lakh voters after intensive revision.
Read More....
Malta to host 2027 Commonwealth Youth Games with eight-sport lineup including sailing and water polo.
Read More....
Google to invest ₹51,000 crore in Asia’s largest data centre in Visakhapatnam.
Read More....
Cabinet approves ₹6,520 crore outlay for PM Kisan Sampada Yojana till 2025–26.
Read More....
Fitch cuts India’s FY26 GDP forecast to 6.3%, cites limited impact of U.S. tariffs.
Read More....
Deepak Reddy appointed CEO of Manappuram Finance to lead next growth phase.
Read More....
Mascot unveiled for Asia Rugby U-20 Championship to be held in Bihar’s Rajgir.
Read More....
Lt Gen Pushpendra Singh assumes charge as Vice Chief of Army Staff.
Read More....

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