RBI Issues Credit Worth $500 Million To Sri Lanka
Posted 17,March

By Chehan Jayasuriya

In Local News

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The Reserve Bank of India (RBI), issuing a notification last Thursday, initiated a credit line worth $500 million from India to Sri Lanka to purchase petroleum products. This credit line was agreed upon by the Sri Lankan government and the Export-Import Bank of India (Exim Bank) on the 2nd of February this year.

According to the RBI, a seller from India should supply products, works, and services of the value of at least 75% of the total credit, while the remaining 25% of goods and services may be procured by the seller for the purpose of eligible contract from outside India.