Central Bank of Sri Lanka Governor Dr. Nandalal Weerasinghe held bilateral meetings with his Chinese and Indian counterparts on the sidelines of the IMF–World Bank Spring Meetings in Washington, with geopolitical risks and trade settlement mechanisms topping the agenda.
Weerasinghe met People’s Bank of China Governor Dr. Pan Gongsheng and senior officials of the Reserve Bank of India. The talks cover Sri Lanka’s ongoing discussions on non-dollar settlement channels with its two largest Asian economic partners — an agenda that has gained urgency as the Iran–Hormuz crisis disrupts global commodity trade and tests dollar-centred payment systems.
The bilateral tracks come at the close of the April 13–18 Spring Meetings, where Sri Lanka’s delegation has pressed for continued IMF support and investor confidence amid the Middle East-driven oil price swings. IMF Managing Director Kristalina Georgieva and First Deputy MD Okamura reaffirmed the programme this week.
China has been a vocal advocate of expanded local-currency settlement across Asia, particularly as sanctions pressure has constrained conventional trade routes. India — already piloting rupee-denominated oil settlement — is working with Sri Lanka on cross-border digital payments and a broader regional financial architecture.
For the Central Bank, the timing is consequential. Sri Lanka’s fuel supply chain runs heavily through Indian refiners and Chinese export finance, while the rupee has held at around Rs. 319 despite global oil volatility. Trade settlement mechanisms that bypass the dollar could shield Sri Lanka from further Hormuz-driven shocks if the Iran crisis deepens.
No formal agreements were announced. The Central Bank typically issues post-meeting readouts following the governor’s return to Colombo.
