Remittances top $ 4 b mark in 2010

For the first time workers’ remittances into Sri Lanka topped the US$ 4 billion mark in 2010.

According to the Central Bank, the calendar year 2010 saw workers’ remittances increase by 23.6% to $ 4.116 billion over that of 2009.

The bank also said that the gross official reserves continued to remain above the targeted level and stood at $ 6.6 billion by end January, 2011 without Asian Clearing Union (ACU) balances.

“Based on the previous 12-month average expenditure on imports of $ 1.13 billion per month, the gross official reserves without ACU balances were equivalent to 5.9 months of imports,” the bank added.