The media release read that the CBSL from time to time, authorizes selected foreign currencies as designated foreign currencies with a view to facilitating international trade and cross-border banking transactions.
Commencing May 1979, the CBSL has occasionally recognized designated foreign currencies.
According to the CBSL, at present, 16 currencies – Australian Dollar, Canadian Dollar, Chinese Renminbi, Danish Kroner, Euro, Hong Kong Dollar, Indian Rupee, Japanese Yen, New Zealand Dollar, Norwegian Kroner, Pound Sterling, Singapore Dollar, Swedish Kroner, Swiss Franc, Thai Bhat and US Dollar – have been authorized as designated foreign currencies under the provisions of the Banking Act and the Foreign Exchange Act, with the latest inclusion being the INR in August 2022.