Sri Lanka’s workers’ remittances climbed by 11.4% and passed the USD 3 billion mark (USD 3,144 million) during the year up to July 5, 2024, and remains the top Forex earner for Sri Lanka.
This figure was USD 2,822.6 million (USD 2.8 bn) in the corresponding period in 2023. Meanwhile, every month remittances amounted to US dollars 519.6 million in June 2024, compared to US dollars 544.4 million registered in May 2024 and US dollars 475.7 million in June 2023.
The gross official reserves were provisionally estimated at US dollars 5,642 million as of the end of June 2024. This includes proceeds from the PBOC swap arrangement, which is subject to conditionalities on usability. Meanwhile, during the year up to July 5, 2024, the Sri Lanka rupee appreciated against the US dollar by 6.4%.
During last week, the T-Bill auction was oversubscribed by approximately 2 times. The total volume of secondary market transactions in T-Bills and T-Bonds increased by 44.5% in the reporting week compared to the week before.
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