The designation of INR as a foreign currency in the country would enable trade settlement between the two nation
Indian tourists visiting Sri Lanka can henceforth transact in Indian Rupee (INR) since the Central Bank has made it a designated currency. This was announced by Governor of Central Bank of Sri Lanka Nandalal Weerasinghe.
Weerasinghe was addressing a meeting organised by the Federation of Indian Chambers of Commerce and Industry (FICCI). Weerasinghe told the gathering that the designation of INR as a foreign currency in the country would enable trade settlement between the two nations.
It means that Sri Lankan citizens can now hold INR equivalent to USD 10,000 in physical form. This also means that Sri Lankans and Indians can use Indian rupees instead of USD for international transactions with each other. Indian visitors can use INR in Nepal and Bhutan and this makes Sri Lanka the third nation where INR can be used freely.
He also expressed support for linking digital payment interfaces between India and Sri Lanka. The ease of using INR in the country will certainly be a big boost to Sri Lankan tourism industry as India is its largest source market and Sri Lanka Tourism has been aggressively promoting the destination in India, which generated 80,000 tourists to Sri Lanka in the first three months of the ongoing year.
This week, the tourism board is on a visit to India, with a three-city roadshow in southern Indian cities of Chennai, Kochi and Bengaluru. According to a press statement issued by Sri Lanka Tourism, the first road show was held at Chennai on April 24, to be followed by Kochi on April 26 and Bengaluru on April 28.
