ComBank opens Indian Rupee Nostro Account | Sunday Observer

ComBank opens Indian Rupee Nostro Account

29 January, 2023

The Commercial Bank of Ceylon has announced that it has opened an Indian Rupee denominated Nostro Account at the Indian Bank, Mumbai, to facilitate trade transactions between Sri Lanka and India.

The Bank said this decision followstheCentral Bank of Sri Lanka(CBSL)classifying the Indian Rupee as a designated foreign currency to promote trade and tourism in the SAARC region. By setting up a Nostro Account in Indian Rupees, the Bank supports efforts to enable Sri Lankan and Indian importers and exporters to carry out trade transactions in Indian rupees, in a manner that is beneficial to both parties.