The Embassy of Sri Lanka in Moscow initiated a banking cooperation between People’s Bank in Sri Lanka and National Investment Industrial Bank in Russia (NIIB) to devising a platform for Russian tourists to make payments in Sri Lanka seamlessly in Sri Lankan Rupees (LKR) with effect from November 22, 2022.
According to this banking collaboration, Russian tourists will be able to remit funds to People’s Bank in Sri Lanka prior to their visits, in liaison with the National Investment Industrial Bank in Russia without having any intermediate banks involved.
Upon arrival in Sri Lanka, tourists will be issued Debit Cards (Visa/Master) which could be used to make payments in Sri Lanka.
Arrangements are also in place for Russian tourists to use these bank cards in other countries where Visa/Master cards are accepted. This payment platform will be extremely beneficial to the Russian tourists to effect payments outside the territory of the Russian Federation flawlessly.
Since a considerable amount of foreign exchange is expected to flow into Sri Lanka through the proper financial channel with this project, this initiative will contribute to enhance the foreign exchange position of the country while boosting the attractiveness of Sri Lanka as one of the best and emerging tourism destinations for Russian tourists.