Sri Lanka’s tourism earnings have overtaken Workers’ remittances inflows in January this year as emittances inflows fell to a fresh 13-year-low of $ 259 million in January amidst parrel exchange rates, the Central Bank of Sri Lanka (CBSL) data showed.
The Workers’ remittances of $ 259.2 million in January were sharply down by nearly 62 percent from a year ago and lowest in 13 years with the previous lowest being $ 261.6 million recorded in November 2009.
Meanwhile, according to revised figures, tourism earnings have risen to $ 268.3 million from $5.5 million a year ago.
Workers’ remittances inflows have been declining since last April as the CBSL continue to hold on the official exchange rate of Rs.199/200 while grey market rates via alternative money transfer systems such as Hawala climbed to Rs.250-260.