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 seeks to bring countries that lack the US dollar into the trading system.
The move comes at a time when Sri Lanka is grappling with its worst economic crisis since its independence due to dollar shortage. The island nation’s foreign exchange reserves stood at $2.1 billion at the end of January.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
featured video of the day
GDP growth slows in Q2, grows 4.4% in Q3