Workers’ remittances decline in September 2024

The Central Bank of Sri Lanka (CBSL) says that the amount of expatriated workers’ remittances in September 2024 has slightly decreased compared to August 2024.

The Sri Lankan workers’ remittances amounted to US dollars 556 million in September 2024, a slight moderation compared to US dollars 577 million in August 2024, as per the latest external sector performance report published by the CBSL.

However, the report also indicated that this is notably higher in comparison to US dollars 482 million recorded in September 2023.

Meanwhile, the monthly workers’ remittances have exceeded US dollars 500 million since March 2024, according to the CBSL.

Against this backdrop, the earnings from tourism in September 2024 amounted to US dollars 181 million, compared to US dollars 282 million in August 2024 and US dollars 152 million in September 2023, the CBSL added.

In its latest report, the CBSL also indicated that the Gross Official Reserves (GOR) stood at US dollars 6.0 billion at the end September 2024, recording an increase of around US dollars 1.6 billion from end 2023. 

This includes the swap facility from the People’s Bank of China (PBOC), which is subject to conditionalities on usability. Net purchases of foreign exchange from the domestic foreign exchange market by the Central Bank amounted to US dollars 96 million (based on trade date) in September 2024. 

Meanwhile, import coverage of GOR (including the PBOC swap) amounted to 3.9 months of imports as at end September 2024, according to the CBSL.