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Colombo/New Delhi: Days before his visit to New Delhi, Sri Lankan President Ranil Wickremesinghe said the island nation wants to see the Indian rupee used as much as the US dollar.
Wickremesinghe, who also operates the financing portfolio, told L.L.C Indian CEO Forum in Colombo.
The comment comes days after Sri Lanka decided to officially list the Indian rupee as a designated foreign currency, a move the Reserve Bank of India said bodes well for the “growing internationalization” of the Indian currency. Sri Lanka has set at least 15 specific foreign currencies, including the US dollar, Chinese renminbi, euro, yen and Swiss franc.
The rupee was included in the list after New Delhi backed a bailout for Sri Lanka by the International Monetary Fund. The latest statement from Wickremesinghe also signals a deeper engagement with India after years of close relations with China, which has led to increased investment and financing on the island.
Wickremesinghe is expected to visit New Delhi next week, his first since assuming the presidency a year ago amid unprecedented economic and political turmoil in the island nation. His comments came in response to the forum chair, TS Prakashwho in his speech called for promoting the use of the Indian rupee in the Sri Lankan economy.
“It will make no difference to us if India (the Indian rupee) becomes a common currency. We will have to figure out how to do that. We have to become more open to the outside world,” Wickremesinghe said. “The world is developing and India is developing rapidly, especially under Prime Minister Modi’s leadership.” He also said that Sri Lanka benefits from its proximity to India, along with rich history, cultural heritage and long-standing trade ties, The Daily Mirror. The newspaper quoted him as saying.
Wickremesinghe, who also operates the financing portfolio, told L.L.C Indian CEO Forum in Colombo.
The comment comes days after Sri Lanka decided to officially list the Indian rupee as a designated foreign currency, a move the Reserve Bank of India said bodes well for the “growing internationalization” of the Indian currency. Sri Lanka has set at least 15 specific foreign currencies, including the US dollar, Chinese renminbi, euro, yen and Swiss franc.
The rupee was included in the list after New Delhi backed a bailout for Sri Lanka by the International Monetary Fund. The latest statement from Wickremesinghe also signals a deeper engagement with India after years of close relations with China, which has led to increased investment and financing on the island.
Wickremesinghe is expected to visit New Delhi next week, his first since assuming the presidency a year ago amid unprecedented economic and political turmoil in the island nation. His comments came in response to the forum chair, TS Prakashwho in his speech called for promoting the use of the Indian rupee in the Sri Lankan economy.
“It will make no difference to us if India (the Indian rupee) becomes a common currency. We will have to figure out how to do that. We have to become more open to the outside world,” Wickremesinghe said. “The world is developing and India is developing rapidly, especially under Prime Minister Modi’s leadership.” He also said that Sri Lanka benefits from its proximity to India, along with rich history, cultural heritage and long-standing trade ties, The Daily Mirror. The newspaper quoted him as saying.
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