Sri Lanka’s external sector remained resilient with increased inflows from workers’ remittances and tourist earnings despite an expansion in the trade deficit In July 2024.
According to the Central Bank of Sri Lanka, workers’ remittances amounted to US$ 567 million in July 2024 in comparison to the US$ 541 million recorded in July 2023. Monthly workers’ remittances exceeded US$ 500 million for five consecutive months.
Meanwhile, earnings from tourism in July 2024 were estimated at US$ 328 million, in comparison to the US$ 151 million recorded in June 2024 and US$ 219 million reported in July 2023.
Sri Lanka’s Gross Official Reserves (GOR) stood at US dollars 5.7 billion at the end of July 2024 compared to the US dollars 4.4 billion reported at the end of December 2023.
The CBS states that this includes the swap facility from the People’s Bank of China (PBOC), which is subject to conditionalities on usability.
Full report: External Sector Performance_July 2024 (Newswire)
