COLOMBO (News 1st); The Central Bank of Sri Lanka (CBSL) reports that the country’s merchandise trade balance recorded a surplus in June 2022 for the first time since August 2002, after a period of 20 years.
In a statement, CBSL said the trade balance surplus reflects the impact of historically high monthly export earnings and the continued decline in imports.
Tourism revenue recorded an increase in June 2022 (year-on-year) from the low base, despite negative sentiments associated with travel advisories and the continued shortage of fuel and
resulting transportation difficulties.
Workers’ remittances slowed in June 2022, compared to May
2022, reflecting an increase in FX gray market activity.
Foreign investment in the government securities market registered a marginal net inflow, while that of the Colombo Stock
Exchange (CSE) recorded a marginal net outflow in June 2022. The Central Bank continued to provide foreign exchange liquidity to fund essential imports, depleting the usable level of gross official reserves.
Meanwhile, the weighted average spot exchange rate in the interbank market remained around Rs. 360/- per US dollar during the month.