India High Commission in Colombo says that a Sri Lankan bank has opened vostro account in India with State Bank of India to conduct bilateral trade in INR (The Indian Rupees). India High Commissioner in Colombo discussed this & related matters with South Asia Regional Head of SBI Mr. Vikas Goel today.
According to the FirstPost.com, Sri Lanka has agreed to use Indian rupee (INR) for international trade. It comes days after the Government of India said it is looking at ways to bring countries that are particularly short of dollars into the ambit of Indian rupee trade settlement mechanism.
Central Bank of Sri Lanka (CBSL) said it is waiting for RBI’s (Reserve Bank of India) approval to designate Indian rupee as foreign currency of Sri Lanka.
Sri Lankan banks have reportedly opened special rupee trading account called – Special Vostro rupee accounts, or SVRA – for trading in INR.