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In boost to trade in rupees, Bank of Ceylon opens account in Chennai branch.
Dec 23, 2022

With the recent acceptance of Indian rupee (INR) as a designated foreign currency by the Central Bank of Sri Lanka to promote trade and tourism within the SAARC region, Bank of Ceylon (BOC) opened up its first account in INR with its Chennai branch.
 
Consequently, the bank carried out the very first transaction in Indian rupees with India through this channel, becoming the very first Sri Lankan bank to initiate such a transaction, which also marks the beginning of a new chapter in foreign trade of the country.
 
Following this new initiative, the Sri Lankan residents are now able to carry out trade transactions directly in INR and not having to go through forex conversion loss of Lankan Rupee to US dollars then US dollars to INR.
 
In order to fully carry out this initiative, BOC has completed all necessary requirements to include INR as a designated currency and has been able to arrange bilateral transactions with India. The bank looks forward to further assist its customers in exports, imports and remittances while reducing the dependence of US dollars.
 
It is expected that the economic and commercial partnership between the two countries will also reach to new heights, which will immensely facilitate the exporters and importers in both countries.
    
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