Bank of Ceylon opens up new trade channel to transact directly in Indian rupees

Thursday, 22 December 2022 01:04 - - {{hitsCtrl.values.hits}}

Bank of Ceylon General Manager K.E.D. Sumanasiri executes the very first INR transaction through the system. Deputy General Manager (International, Treasury and Investment) R.M.N. Jeewantha and Assistant General Manager (Treasury) A.W. Rajitha Thushantha also participated in this event

With the recent acceptance of Indian rupee (INR) as a designated foreign currency by the Central Bank of Sri Lanka to promote trade and tourism within the SAARC region, Bank of Ceylon opened up its first “Nostro account” in Indian rupees with its Chennai branch in India.

Consequently, the bank carried out the very first transaction in Indian rupees with India through this channel becoming the very first Sri Lankan bank to initiate such a transaction which also marks a beginning of a new chapter in foreign trade of the country.

Following this new initiative, Sri Lankan residents are now able to carry out trade transactions directly in INR and not having to go through forex conversation loss of rupee to dollars rather than dollars to INR. In order to fully carry out this initiative, Bank of Ceylon has completed all necessary requirements to include INR as a designated currency and has been able to arrange bilateral transactions with India.

The bank looks forward to further assist its customers in exports, imports and remittances while reducing the dependence of dollars.

It is expected that economic and commercial partnership between the two countries will also reach to new heights which will immensely facilitate the exporters and importers in both countries.