Sri Lanka’s external sector demonstrated resilience in July 2024, with notable increases in workers’ remittances and tourism earnings despite a widening trade deficit.
According to the Central Bank of Sri Lanka, workers’ remittances reached USD 567 million in July 2024, up from USD 541 million in the same month of 2023. This marks the fifth consecutive month that monthly remittances have surpassed USD 500 million.
Tourism earnings also saw a significant boost, with July 2024 revenues estimated at USD 328 million. This is a substantial increase compared to USD 151 million in June 2024 and USD 219 million in July 2023.
Sri Lanka’s Gross Official Reserves (GOR) rose to USD 5.7 billion by the end of July 2024, up from USD 4.4 billion at the end of December 2023. This figure includes a swap facility from the People’s Bank of China (PBOC), although its usability is subject to certain conditions.
These developments highlight a positive trend in external inflows, even as the trade deficit continues to expand.
Central Bank of Sri Lanka (CBSL) External Sector Performance
Last modified: August 31, 2024
