SL Foreign reserves reach US $6.5 billion with Nov remittances of $ 530mn
- 5opn1
- December 10, 2024
- Banking and Financial
- SL Foreign reserves reach US $6.5 billion with Nov remittances of $ 530mn
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Sri Lanka received US$ 530.1 million in remittances in November, bringing the year-to-date total to US$ 5.96 billion, a 10.4% increase from 2023 but slightly below November 2022’s US$ 537.3 million and October 2024’s US$ 587.7 million.
Remittances, along with strong tourism and export earnings, enabled the Central Bank to bolster reserves, which stood at US$ 6.46 billion in November.
Seasonal trends typically result in higher remittances in March and December, suggesting December could exceed November’s figures.
Although the rupee has appreciated by 11.5% this year, potentially reducing recipients’ rupee earnings, record departures in recent years could lead to sustained growth in remittance inflows, as workers abroad compensate to maintain recipients’ financial stability.
