- ALSO READ
EAM discuss cooperation in infra, connectivity with Lankan counterpart
Wickremesinghe hopeful of resolving problems faced by ethnic Tamils
Sri Lanka's Tamil parties to discuss federalism ahead of talks with govt
Lankan govt designates high-security zones for ensuring stability: Official
Sri Lanka concludes debt restructuring talks with Japan: Wickremesinghe
-
COLOMBO (Reuters) - 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.
(Reporting by Nallur Sethuraman in Bengaluru and Uditha Jayasinghe in Colombo; editing by Jason Neely)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.
Download the Business Standard App for latest Business News and Market News .
First Published: Thu, March 02 2023. 18:01 IST
RECOMMENDED FOR YOU