COLOMBO, March 2 (Reuters) - Indian lender State Bank of
India on Thursday said it completed its first
non-dollar transaction with Sri Lanka, by paying for exports in
Sri Lankan rupees as India looks to bring countries that are
short of U.S. dollars into the trade mechanism.
The move comes as Sri Lanka grapples with its worst economic
crisis since its independence, triggered by a shortage of
dollars. The island nation's forex reserves stood at $2.1
billion as of end-January.
(Reporting by Nallur Sethuraman in Bengaluru and Uditha
Jayasinghe in Colombo; editing by Jason Neely)
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
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