Sri Lanka remittances, tourism earnings down in May
Jul 18, 2019 08:14 AM GMT+0530 | 0 Comment(s)
Sri Lanka's tourism earnings and worker remittances fell in May 2019, the central bank said. Source: File Pic.
ECONOMYNEXT- Sri Lanka's foreign exchange earnings from remittances and tourism fell in May 2019, the central bank said as the rupee strengthened amid weak bank credit which reduced economic acitvity and imports.
Worker remittances, Sri Lanka's largest foreign exchange earner, fell 3.1 percent from a year earlier to 562 million US dollars in May, a statement said.
Sri Lanka's rupee has strengthened 4.1 percent agaisnt the US dollar in 2019 as bank credit slowed. In May the centarl bank bought 87.5 million US dollars from interbank markets to build forex reserves.
For the first five months of 2019, worker remittances fell 11.8 percent from a year earlier to 2.7 billion US dollars.
Most of Sri Lanka's worker remittances are from the oil-heavy Middle East.
Oil prices have been trending lower than 2018 so far in 2019.
Meanwhile, provisional tourism earnings have fallen 71 percent to 71 million US dollars in May, the central bank said.
Arrivals too had fallen at a similar rate due to fallout from the Easter Sunday bombings in April.
Tourism earnings from January through May were down 7.1 percent to 1.8 billion US dollars. (Colombo/Jul18/2019)