No decrease in foreign remittances

Despite the war situation in the Middle East, the Central Bank of Sri Lanka has been able to maintain inflation at the five per cent level as predicted, Governor Dr. Nandalal Weerasinghe said.

He said that the forecast was made taking into account the increased fuel prices and the possible increase in electricity tariffs.

However, the Governor said that the foreign earnings from Sri Lankans abroad would not decrease due to the war situation in the Middle East.

According to the available data, the expected amount of foreign remittances received during the last two weeks. He also said that despite the growing situation in the Middle East, Sri Lankans employed are not interested in coming back.

However some Sri Lankans working in the Middle East region may lose their jobs due to the ongoing war situation.

He also said that Sri Lankans abroad are sending more money to the country due to the military situation.

There are about 1 million Sri Lankans in the Middle East region. According to the Central Bank of Sri Lanka data, Sri Lankans abroad have sent US $ 1.5 billion to the country in the first two months of this year, which is a significant increase compared to the first two months of last year.  Last year, Sri Lankans had sent back US$1.1 billion.

Although remittances have not been affected, the number of tourists coming to the country has declined by 17 per cent due to the Iran war,  Weerasinghe further stated. 136,089 tourists visited the country in the first 22 days of this month.

According to CBSL data, the tourism industry earned US$730.3 million in the first two months of this year, a decrease in income compared to the first two months of last year. Sri Lanka had earned US$768.2 million in the first two months of last year from the tourism industry.

Source: Daily News