Further underlining the growth of the tourism sector, Sri Lanka’s tourism revenue passed the USD 1 billion mark (USD 1,025.9 mn) after the first three months ending March 31, 2024, showing a 103% growth against the corresponding period in 2023. Sri Lanka also recorded 635, 784 arrivals for the first three months of 2024 also showing an 89% increase as against 2023.
From January to March 2023 total earnings from tourism receipts were USD 503 million. Meanwhile, Workers’ Remittances also showed a sharp upward trend with the country recording USD 1.536 billion in revenue. During the year up to April 5, 2024, the Sri Lanka rupee appreciated against the USD by 8%. Given the cross-currency exchange rate movements, the Sri Lanka rupee appreciated against the Japanese yen by 15.5%, the pound sterling by 9.%, the Euro by 10.5% and the Indian rupee by 8.5% during this period.
The gross official reserves were provisionally estimated at US dollars 4,951 mn as of the end of March 2024. This includes proceeds from the PBOC swap arrangement, which is subject to conditionalities on usability. (SS)
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