Sri Lanka Not Averse to Using Indian Rupee as Common Currency: President  Ranil Wickremesinghe - News18

Sri Lanka President Ranil Wickremesinghe is scheduled to embark on his first official visit to New Delhi next week, marking an important milestone in his presidency, which began a year ago. Ahead of this visit, President Wickremesinghe expressed his openness to the idea of utilizing the Indian rupee as a common currency, alongside the U.S. dollar, in Sri Lanka.

Addressing the Indian CEO Forum, President Wickremesinghe, who also holds the position of the country’s Finance Minister, shared his perspective on the matter. He emphasized Sri Lanka’s desire to promote the Indian rupee’s usage on par with the U.S. dollar, showcasing the potential for closer financial integration between the two neighboring nations.

The President’s remarks reflect Sri Lanka’s willingness to explore alternative avenues to address its financial challenges. As a cash-strapped country, Sri Lanka is actively seeking ways to bolster its economy and ensure stability in its monetary system. The proposal to embrace the Indian rupee as a common currency signifies the country’s recognition of the economic benefits that could arise from increased bilateral cooperation with India.

By envisioning the Indian rupee as a potential common currency, Sri Lanka aims to strengthen economic ties with its neighboring nation. Enhancing the role of the Indian rupee could facilitate greater trade and investment between the two countries, promoting economic growth and stability in the region. Furthermore, this move has the potential to reduce transaction costs and mitigate exchange rate fluctuations, fostering a more conducive environment for business and trade.

President Wickremesinghe’s upcoming visit to New Delhi holds significant importance as it presents an opportunity to discuss and further explore the prospects of utilizing the Indian rupee as a common currency. Bilateral discussions between Sri Lanka and India can help address any potential challenges and determine the feasibility and potential implications of such a currency arrangement.

As Sri Lanka looks towards strengthening its economic resilience and fostering closer ties with India, continued dialogue and collaboration between the two nations will be crucial. The utilization of the Indian rupee as a common currency could bring about mutual benefits, promoting economic integration and reinforcing the already strong cultural and historical ties between Sri Lanka and India.

For the latest updates on President Wickremesinghe’s visit to New Delhi and developments regarding the potential use of the Indian rupee as a common currency, please refer to reliable news sources and official statements from the respective governments.