Plans being made for Lankan Rupee- Rufiya currency swap
July 21, 2011 01:28 pm
The Sri Lankan government is making arrangements to continue discussions on a Sri Lanka- Maldives currency swap in a bid to strengthen trade ties between both countries.
Sri Lankan government sources confirmed that currently the monetary authorities
of both countries are working on the financial arrangement for a direct
exchange between the Maldivian Rufiya and Sri Lankan Rupee.
The plan to set up such a financial arrangement was initially discussed when
Maldivian President Mohamed Nasheed attended the second term swearing in
ceremony of Sri Lankan President Mahinda Rajapaksa in Colombo last November.
In the backdrop of the meeting, the Sri Lankan government had arranged a US $
200 million credit line to Maldives in order to establish a framework for the
currency exchange.
Currently Sri Lanka and Maldives have begun to make arrangements to promote
tourism jointly which will benefit the economies of both countries.
Last month, Sri Lanka’s Minister of Industry and Commerce, Rishad Bathiudeen
met with President Nasheed in Male to discuss ways of strengthening the trade
ties between both countries.
At the meeting Minister Bathiudeen expressed the Sri Lankan government’s
gratitude for the Maldivian government’s continued support and discussed
avenues to promote trade collaboration between both countries, especially exploring
ways to increase cooperation in the fisheries sector, Haveeru News Service
reports.
