Workers’ remittances decline in September

In September 2024, Sri Lanka’s remittances reached $556 million, tourism earnings were $181 million, and gross official reserves rose to $6 billion, covering 3.9 months of imports.

The Central Bank of Sri Lanka (CBSL) reported a slight decrease in expatriate workers' remittances, totaling $556 million in September, down from $577 million in August but higher than the $482 million recorded in September 2023. Monthly remittances have exceeded $500 million since March. In tourism, earnings reached $181 million in September, down from $282 million in August but up from $152 million in September 2023. CBSL also noted an increase in gross official reserves (GOR) to $6 billion at the end of September, a rise of $1.6 billion from the end of 2023, which includes a swap facility from the People’s Bank of China (PBOC) with conditional usability. The GOR covered 3.9 months of imports as of September’s end.

Workers’ remittances decline in September | The Morning

The Morning

2024-11-04

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