Written by Lahiru Fernando
19 Oct, 2017 | 4:50 pm
The Central Bank of Sri Lanka has released the latest external performance update.
According to the update, adverse geo-political conditions in the Middle East has continued to have a negative impact on overseas worker remittances.
CBSL says that remittances from migrant Sri Lankan workers declined by 10% to $556.6 million in August 2017. The amount stood at $ 618.3 million in August 2016.
Cumulative inflow from workers’ remittances has also declined by 6.3% to $4,503.3 million during the first eight months of 2017 compared to the same period in 2016
All in all, Sri Lanka’s gross official reserves as at end of August 2017 amounts to $7.7 billion, equivalent to 4.5 months of imports.
Meanwhile the report also say that Sri Lanka’s external sector showed a mixed performance in August 2017.
Although export earnings increased in August 2017, higher growth in import expenditure resulted in an expansion of the trade deficit.
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