Nations Trust introduces INR as Designated Foreign Currency

COLOMBO: Nations Trust Bank PLC announced a step forward in addressing customers’ growing needs while aligning with the recent directive from the Central Bank of Sri Lanka (CBSL) by introducing the Indian Rupee (INR) as a designated foreign currency.

Including the INR as a designated foreign currency offers numerous benefits to the bank and its customers. Nations Trust Bank now provides INR-denominated regulated accounts, including PFCA (Personal Foreign Currency Account) and BFCA (Business Foreign Currency Account).

These accounts cater to individuals and businesses seeking to engage in international trade transactions with India, streamlining currency exchange processes, reducing transaction costs, and increasing overall convenience.

Using INR for international trade settlement can stimulate economic growth enhance trade relations, benefiting not just the bank and its customers but also the broader community and the country.

With this move, Nations Trust Bank solidifies its competitive position and will increase revenue through foreign exchange services, thereby contributing to the growth and sustainability of the country’s foreign reserves.

Holders of INR accounts can engage in a range of transactions, including currency note encashments, currency issuance, and international trade settlement activities such as imports, exports, Letter of Credits (LCs), and bank guarantees, excluding capital transactions or investments outside of Sri Lanka.