NDB opens Indian Rupee Nostro Account in Sri Lanka
View(s):National Development Bank PLC recently opened an Indian Rupee denominated Nostro Account with the Indian Bank. This marks a milestone in foreign payments and settlements in the country, where importers and exporters in the two countries are now able to carry out trade in Indian Rupees, the bank said in a media release.
The ability to trade in Indian Rupees brings in the dual benefits of promoting trade between India and Sri Lanka and eliminating the dependency on US Dollars for foreign trade.
India and Sri Lanka enjoy a vibrant and growing economic and commercial partnership, which has witnessed considerable expansion over the years. India has traditionally been among Sri Lanka’s largest trade partners and Sri Lanka remains among the largest trade partners of India in the SAARC.
“This facilitation for importers and exporters by NDB is much welcomed by them particularly in the current context where Sri Lanka is facing a USD shortage as traders can now resort to Indian Rupees for settlements,” the statement said. NDB maintains Nostro accounts in 17 currencies through strong a correspondent banking network across the world, affording a
seamless foreign trade platform for its clientele.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!