Sri Lanka Open to Using Indian Rupee as Common Currency, Says President Wickremesinghe

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Sri Lanka Open to Using Indian Rupee as Common Currency, Says President Wickremesinghe

Sri Lanka’s President Ranil Wickremesinghe has said that the country is not averse to using the Indian rupee as a common currency. He made the remarks during a speech to the Indian CEO Forum in Colombo on Wednesday.

“It makes no difference to us if India (the Indian rupee) becomes a common currency,” Wickremesinghe said. “We will have to figure out how to go about it. We must become more open to the outside world.”

Wickremesinghe’s comments come as Sri Lanka is facing a severe economic crisis. The country’s currency, the Sri Lankan rupee, has lost more than half of its value against the US dollar in the past year. This has made it difficult for Sri Lankans to import essential goods, such as food and medicine.

India has been a major source of financial assistance to Sri Lanka during the crisis. In May, India extended a $1 billion credit line to Sri Lanka to help the country purchase essential goods.

The use of the Indian rupee as a common currency would make it easier for Sri Lankans to do business with India. It would also reduce the volatility of the Sri Lankan rupee, which is currently subject to wild swings in value.

However, there are some challenges that would need to be overcome before the Indian rupee could be used as a common currency in Sri Lanka. These include the need to develop a mechanism for exchanging rupees and the need to ensure that the Indian rupee is accepted by businesses and consumers in Sri Lanka.

Despite these challenges, Wickremesinghe’s comments suggest that Sri Lanka is open to the idea of using the Indian rupee as a common currency. This could be a significant step towards closer economic ties between the two countries.

Sri Lankan President Ranil Wickremesinghe. File.

Sri Lanka not averse to using Indian rupee as common currency: President  Wickremesinghe - The HinduSri Lankan President Ranil Wickremesinghe. File.

Sri Lankan President Ranil Wickremesinghe. File.Sri Lankan President Ranil Wickremesinghe. File.Sri Lankan President Ranil Wickremesinghe. File.

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