Days ahead of his visit to New Delhi, Sri Lankan President Ranil Wickremesinghe has expressed his interest in promoting the use of the Indian rupee in his country. He believes that just as East Asian countries witnessed significant growth several decades ago, it is now India’s turn to experience rapid development. Sri Lanka’s decision to include the Indian rupee as a designated foreign currency was seen as a positive move by the Reserve Bank of India. The inclusion of the Indian rupee on the list of designated foreign currencies reflects the close relations between Sri Lanka and India. It also marks a departure from Sri Lanka’s previous engagement with China, which heavily invested in the country’s economy. Wickremesinghe’s comments were made in response to T S Prakash, the chair of the Indian CEO Forum, who had called for the increased use of the Indian rupee in Sri Lanka’s economy. Wickremesinghe stated that the world is evolving and that Sri Lanka should become more open to the outside world. He emphasized the benefits of Sri Lanka’s proximity to India and its rich history, cultural heritage, and longstanding trading relationships with the country. This shift towards closer engagement with India is expected to be a topic of discussion during Wickremesinghe’s upcoming visit to New Delhi.
