Standard Chartered Sri Lanka executes its first INR transaction

Friday, 28 April 2023 00:40 - - {{hitsCtrl.values.hits}}

With the recent introduction of Indian Rupees (INR) as a designated foreign currency by the Central Bank, Standard Chartered Sri Lanka has completed its first INR transaction for a multinational corporate client in the form of an outward telegraphic transfer between Sri Lanka and the Bank’s office in Mumbai India.

The transaction was executed via the SWIFT mechanism involving the Mumbai correspondent banking account, realising proceeds in the beneficiary’s account maintained with a third-party bank in India within 24 hours.

Standard Chartered Sri Lanka CEO Bingumal Thewarathanthri said: “We are excited about our first Indian Rupee transaction and the Bank’s readiness to handle the complete range of cross-border transaction methods, including Letters of Credit and Documentary Collection in addition to the Telegraphic Transfer we just completed.

“As a leading financial institution in the South Asian region, we are optimistic about the opportunities associated with the Government of India aspiring to internationalise the currency. Both importers and exporters stand to benefit, while the country could achieve further diversification of its currency risk and enhance its purchasing capacity on essential imports.”

Standard Chartered has been in operation in Sri Lanka since 1892, and offers a complete range of trade, cash management and foreign exchange services for corporate and institutional clients, small and medium enterprises as well as consumer banking clients.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.