Sri Lanka remittances fall in Jan, tourism earnings grow
Wednesday April 17, 2019 17:08
ECONOMYNEXT- Sri Lanka’s worker remittances fell in January 2019, while tourism earnings were marginally higher, the Central Bank said.
Workers’ remittance in January fell 25.2 percent to 545 million US dollars from a year earlier.
Global oil prices fell sharply in November and December 2018, after the US allowed Iran to trade oil amidst renewed sanctions, before marginally recovering in January.
A bulk of Sri Lanka’s worker remittances originate from the Middle East, and are subject to fluctuations in the oil market.
Meanwhile, tourism revenue grew by a marginal 2.2 percent to 458 million US dollars in January from a year earlier.
Arrivals in January grew 2.2 percent to 244,239 tourists.
A political crisis over the previous three months affected tourist bookings in January. (Colombo/Apr17/2019-SB)