India and Sri Lanka discuss INR LKR trade in Colombo
Business
India and Sri Lanka are teaming up to make trade easier by using their own currencies, the Indian rupee (INR) and the Sri Lankan rupee (LKR), instead of the US dollar.
This move was discussed at a recent roundtable in Colombo, with officials, bankers, and business leaders from both sides on board.
Expected to cut conversion costs
Switching to local currencies is expected to cut down on extra fees, protect both countries from wild swings in the US dollar, and help Sri Lanka save its precious foreign reserves.
Indian High Commissioner Santosh Jha summed it up well: this change should eliminate conversion costs and make trade smoother for everyone involved.