Sri Lanka tourism earnings up 23-pct; CSE net inflows down 97-pct in 2015

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Mar 04, 2016 (LBO) – Sri Lanka’s earnings from tourism has increased significantly in 2015 recording a 22.6 percent increase against the previous year.

In the twelve months to December, Sri Lanka has earned 2,980.7 million US dollars from tourism while earning 2,431.1 million US dollars in 2014.

Workers’ remittances recorded a marginal decline of 0.5 percent in 2015.

Net inflows to the CSE which includes secondary and primary market transactions have recorded a 97.5 percent decline in 2015 receiving just 4 million US dollars against 162.6 million US dollars received in the previous year.

The major source of inflows to the financial account of the balance of payments during 2015 were the issuance of two international sovereign bonds and swap arrangement of the Reserve Bank of India.

Sri Lanka’s gross official reserves as at end December 2015 amounted to 7.3 billion US dollars, equivalent to 4.6 months of imports while total foreign assets amounted to 9.3 billion US dollars, equivalent to 5.9 months of imports.

During 2016 up to end February, the rupee depreciated by 0.2 per cent against the US dollar, the Central Bank said.

Based on cross currency exchange rate movements, the Sri Lankan rupee appreciated against the sterling pound by 6.8 percent, the Australian dollar by 2.3 percent and the Indian rupee by 3.3 percent, while depreciating against the Japanese yen by 6.1 percent and the euro by 0.3 percent during this period.

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