Sri Lanka’s external sector demonstrated resilience in July 2024, buoyed by increased inflows from workers’ remittances and tourism earnings, despite a widening trade deficit, according to the Central Bank of Sri Lanka (CBS).
Workers’ remittances reached US$ 567 million in July 2024, up from US$ 541 million in July 2023. Notably, monthly remittances have exceeded US$ 500 million for five consecutive months.
Tourism earnings also showed significant growth, estimated at US$ 328 million in July 2024, compared to US$ 151 million in June 2024 and US$ 219 million in July 2023.
Sri Lanka’s Gross Official Reserves (GOR) stood at US$ 5.7 billion at the end of July 2024, an increase from US$ 4.4 billion at the end of December 2023. The CBS noted that this figure includes the swap facility from the People’s Bank of China (PBOC), which is subject to conditions on usability.
For more details, refer to the full report: External Sector Performance – July 2024. – https://www.newswire.lk/wp-content/uploads/2024/08/External-Sector-Performance_July-2024.pdf
Source – newswire.lk
