The Central Bank of Sri Lanka (CBSL) has reported a slight decrease in expatriate workers’ remittances for September 2024, totaling US dollars 556 million. This marks a decrease from US dollars 577 million in August 2024 but reflects a significant increase compared to US dollars 482 million in September 2023.
Key Highlights:
- Steady Remittances: Despite the monthly decline, remittances have consistently exceeded US dollars 500 million since March 2024, demonstrating ongoing resilience in foreign income.
- Tourism Earnings Drop: Earnings from tourism also experienced a decline, amounting to US dollars 181 million in September, down from US dollars 282 million in August but an increase from US dollars 152 million in the same month last year.
- Gross Official Reserves Increase: The Gross Official Reserves (GOR) reached US dollars 6.0 billion at the end of September 2024, reflecting an increase of approximately US dollars 1.6 billion from the end of 2023. This figure includes a swap facility from the People’s Bank of China, albeit with conditions on usability.
- Import Coverage: As of the end of September, the import coverage provided by the GOR, including the swap from the PBOC, amounted to 3.9 months of imports, indicating a stable buffer for international trade.
The CBSL’s report highlights the mixed performance of remittances and tourism, underscoring the need for continued efforts to boost these vital sectors for Sri Lanka’s economic recovery.
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Central Bank of Sri Lanka (CBSL)
Last modified: November 4, 2024
