Sri Lankan Worker Remittances Drop Slightly in September 2024
Sri Lankan Worker Remittances Drop Slightly in September 2024
Anuradha Indrajith
03-Nov-2024 10:30:13
The Central Bank of Sri Lanka (CBSL) reported a small decline in remittances from Sri Lankan workers abroad in September 2024. According to the latest external sector performance report, worker remittances for September totaled USD 556 million, down from USD 577 million in August 2024. However, this figure remains higher than the USD 482 million recorded in September 2023. Since March 2024, monthly remittances have consistently surpassed USD 500 million.
The report highlighted that Sri Lanka's Gross Official Reserves (GOR) stood at USD 6.0 billion at the end of September, a USD 1.6 billion increase since the end of 2023. This figure includes the swap facility from the People’s Bank of China (PBOC), which has specific conditions for usability. The CBSL also made net foreign exchange purchases totaling USD 96 million in September.
As of the end of September 2024, Sri Lanka’s GOR, inclusive of the PBOC swap, covered 3.9 months of imports, providing moderate import stability, according to the CBSL.
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