Crisis-hit Sri Lanka may allow Indian rupee to be used in local transactions

BHARATHA MALLAWARACHI
Associated Press

COLOMBO, Sri Lanka (AP) — Sri Lanka is considering the possibility of allowing the use of the Indian rupee to be used in local transactions, as the island nation struggles to build its depleted foreign reserves and to emerge from last year’s unprecedented economic crisis. Sri Lankan Foreign Minister Ali Sabry said Saturday the move to allow the use of its giant neighbor’s currency would enable “tourists and other people from India to directly use Indian rupees here” without going through the hassle of multiple currency conversions. He said it will also work as an advantage for Sri Lanka as the trade imbalance between the two countries is in favor of India.