$1.5 billion currency swap between RBI and Central Bank of Sri Lanka
Updated: Mar 13, 2015 05:01:49pm
New Delhi, Mar 13 (KNN) The Reserve Bank of India has agreed for a USD 1.5 billion currency swap agreement with the Central bank of Sri Lanka. The move will help the island nation keep its currency stable. The agreement was announced after a meeting between Narendra Modi and Sri Lankan President Maithripala Sirisena in Colombo.
Despite the Sri Lankan central bank's attempt to defend the Sri Lankan rupee by selling dollars, it has been under pressure since early January and has fallen around 1.5 per cent so far in 2015.
At the current valuation, one Indian rupee is equivalent to 2.12 Sri Lankan Rupee and it has lost almost three per cent value in comparison to the Indian rupee so far in 2015.
Modi who is the first Indian Prime Minister to visit Sri Lanka in 28 years said that economic ties are "a key pillar of relationship between the two countries" and the bilateral trade has grown impressively over the past decade. "I am aware of your concerns about trade with India. As I said in Delhi, we will try and address them,"
Prime Minister Modi is on a three-nation tour that included Seychelles and Mauritius apart from Sri Lanka. (KNN/VV)
Despite the Sri Lankan central bank's attempt to defend the Sri Lankan rupee by selling dollars, it has been under pressure since early January and has fallen around 1.5 per cent so far in 2015.
At the current valuation, one Indian rupee is equivalent to 2.12 Sri Lankan Rupee and it has lost almost three per cent value in comparison to the Indian rupee so far in 2015.
Modi who is the first Indian Prime Minister to visit Sri Lanka in 28 years said that economic ties are "a key pillar of relationship between the two countries" and the bilateral trade has grown impressively over the past decade. "I am aware of your concerns about trade with India. As I said in Delhi, we will try and address them,"
Prime Minister Modi is on a three-nation tour that included Seychelles and Mauritius apart from Sri Lanka. (KNN/VV)
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