Key facts
- India and Sri Lanka are exploring local currency settlement for trade.
- The State Bank of India will offer rupee deposits and loans in Sri Lanka.
- This aims to cut costs and conserve Sri Lanka's dollar reserves.
- Jio, led by Mukesh Ambani, is preparing to file for an IPO.
- This is seen as a potential end to India's listings drought.
- Uzbekistan Airways is preparing for an IPO.
- The National Investment Fund of Uzbekistan (UzNIF) is initiating these preparations.
- The IPO is part of Uzbekistan's capital attraction strategy.
India and Sri Lanka are advancing discussions to settle bilateral trade using their local currencies, a move aimed at reducing transaction costs and conserving Sri Lanka's critically low U.S. dollar reserves. The State Bank of India is set to play a pivotal role by offering rupee deposit and loan facilities within Sri Lanka, which will facilitate this transition away from dollar-denominated trade. This initiative seeks to alleviate pressure on Sri Lanka's foreign exchange reserves amidst its ongoing economic challenges.