tourist arrivals to sri lanka may 2023

Sri Lanka Tourist Arrivals

The number of foreign tourist arrivals in sri lanka increased by 30.4% year-on-year to 108,665 in may 2024, following a 41.1% rise in the previous month. however, the latest reading was 17.2% short of achieving the monthly target of 131,112 arrivals set by sri lanka tourism. among key markets, india remained as the top tourist source market (28.7%), followed by maldives, the uk, germany, and china. compared to the previous month, tourist visits dropped by 27% due to the new visa regime with higher fees introduced on april 17th. for the first five months of the year, the number of foreign tourist arrivals climbed by 70.3% from the same period a year ago to 893,316. source: ceylon tourist board, tourist arrivals in sri lanka decreased to 108665 in may from 148867 in april of 2024. tourist arrivals in sri lanka averaged 54646.51 from 1977 until 2024, reaching an all time high of 253169.00 in december of 2018 and a record low of 0.00 in april of 2020. this page provides - sri lanka tourist arrivals - actual values, historical data, forecast, chart, statistics, economic calendar and news. sri lanka tourist arrivals - data, historical chart, forecasts and calendar of releases - was last updated on june of 2024.,   markets,   gdp,   labour,   prices,   money,   trade,   government,   business,   consumer,   housing,   taxes,   climate.

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SL revises 2023 tourist arrivals forecast up to 2 m

Tuesday, 4 April 2023 00:00 -     - {{hitsCtrl.values.hits}}

A group of tourists exploring Viharamahadevi Park in Colombo recently  – Pic by Pradeep Pathirana 

• Sri Lanka records highest post-COVID arrivals figure of 125,495 in March, pushing Q1 arrivals to figure to 335,679
• Tourism Minister Harin Fernando says target revised up following rise in Q1 arrivals 
• Russia revs up as top market in Q1 with 23.8% or 79,891 arrivals, followed by India, UK, Germany, France 
• Sri Lanka Tourism to hold first roadshow post-COVID pandemic in China from 17 to 21 April targeting Shanghai, Beijing, and Guangzhou
• Plans another roadshow in India focused on southern cities of Chennai, Bangalore and Cochin

By Charumini de Silva

Sri Lanka Tourism is upwardly revising the tourist arrivals forecast for 2023 from 1.55 million to an ambitious goal of luring 2 million – a move influenced by the remarkable record rise in March arrivals. Sri Lanka recorded the highest post-COVID arrivals figure of 125,495 in March, propelling the cumulative figure to 335,679 in the first quarter, continuing the growth momentum of over 100,000 tourist arrivals in three consecutive months after 2019. “After a series of major setbacks from 2019, Sri Lanka’s tourism industry has made a strong comeback in 2023. Our earlier forecast was at 1.55 million arrivals for 2023, but given the significant rise in arrivals in the first quarter and the boost in Chinese arrivals, we decided to revise the target to 2 million,” Tourism Minister Harin Fernando told the Daily FT. The growth in the first quarter of tourist arrival is 18% compared to the same period last year, but still 53% lower than the first quarter of the benchmark year 2018. Russia continues to lead as the top source market reflecting 23.8% or 79,891 of total arrivals during the first quarter of 2023, followed by India with 13.8% or 46,432, the United Kingdom with 8.4% or 28,111, Germany with 7.7% or 25,849, and France with 5% or 16,744. The Minister commended all industry stakeholders for their resilient and dynamic attitude to overcoming obstacles and for revitalising the industry.  He said the short-term and medium-term strategies rolled out by Sri Lanka Tourism will assist to reach the year-end goal.  Minister Fernando also revealed Sri Lanka Tourism has planned its first roadshow post-COVID pandemic in China from 17 to 21 April targeting three key cities including Shanghai, Beijing, and Guangzhou.  “The combined effect of pent-up demand, ease of travel restrictions and regular flights will definitely be a favourable condition for Sri Lanka during the off-peak season,” he said.   National carrier – SriLankan Airlines will be starting nine flights to China per week this month, whilst Chinese airlines will operate three flights per week, resulting in an influx of Chinese tourists to the country. The Minister also said they are planning another roadshow in India, targeting three cities in the south –Chennai, Bangalore and Cochin.  Despite Sri Lanka Tourism not opting for a global communication blitz in 2023, it will focus on nine main markets identified as; India, Russia, China, the UK, France, Germany, the Middle East, and Nordic countries.  The MICE tourism segment is earmarked as a key segment Sri Lanka looks to explore this year to push the numbers and earnings. Analysis opined that the continuous positive publicity at the global level was also a major factor for the boost in arrivals post-political instability just last year. Tourism earnings in the first two months of 2023 were at $ 331.7 million reflecting a 3.3% increase from the corresponding period of last year, whilst February earnings stood at $ 169.9 million, the Central Bank data showed. Sri Lanka lost over $ 10 billion in foreign exchange earnings, which generate over $ 4.3 billion annually, due to the pandemic during the past two years.  

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2023 records highest tourist arrivals since pandemic

• Year-end target missed by mere 4%
• SL welcomes 1.48mn tourists for whole of 2023
• December posts highest monthly arrival since pandemic but misses target by 13%

Sri Lanka saw tourist arrivals surge for the first time since the pandemic; however, the 2023 year-end target was missed narrowly by 4 percent. The provisional data released by the Sri Lanka Tourism Development Authority (SLTDA) showed that for the full 12 months of 2023, the island nation welcomed a total of 1.487 million international visitors. The SLTDA and Tourism Ministry were hopeful that Sri Lanka would end 2023 with 1.55 million international visitors. Initially, the tourist arrival target for the year was set as 1.5 million but was revised upwards as an uptick was seen in the arrival rate.

Data showed that Sri Lanka tourism also missed the monthly arrival target set for December 2023. While December recorded the highest monthly tourist arrivals for the year and also since the pandemic struck, here again, the target was missed. The anticipated arrival number for December 2023 was 242,135. However, having welcomed 210,352 international visitors, the target was missed by about 13 percent. Analysis of the monthly arrivals against the forecast shows that the set target was met only in four months of the year: February, March, April and May.

The daily arrival average for the month of December increased to 6,785, whereas the weekly arrival average increased to 52,588. December also saw an increased influx of cruise liners, with a total of five entering the country. Similarly, the frequency of charter flights increased as well. India continues to retain its position as the largest source market for Sri Lanka tourism, bringing in 21 percent of the total tourism arrivals for the month so far. The Russian Federation, ranking second, accounted for 14 percent of the total arrivals, while the United Kingdom, the third largest tourist traffic generator, contributed to 9 percent of the total arrivals. The cumulative data is yet to be released.

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Canada-Sri Lanka Business Council - CSLBC

Promoting bilateral trade & investment between canada & sri lanka, sri lanka tourist arrivals up 175.8-pct in may 2023.

7 June 2023 cslbc SRI LANKA 0

TOURISM Sri Lanka tourist arrivals up 175.8-pct in May 2023

Thursday June 8, 2023 1:58 pm ECONOMYNEXT – Sri Lanka’s tourist arrivals increased 175.8 percent from a year ago to 83,309 in May 2023, data from the Tourism Development Authority (SLTDA) shows.

however, arrivals were down 21 percent from 105,498 in April.

“Compared to April 2023, there has been a decrease in tourist arrivals, indicating the end of the peak season in Sri Lanka,” SLTDA in its monthly report said.

The period between April and June is in the so-called ‘off-season’ that comes immediately after the European winter season ends.

The top countries of origin for tourists in May were India with 23,106 tourists followed by Russia with 7,760, Germany with 6,854 tourists, the United Kingdom 5,987 and Australia with 4,201.

Europe accounted for the majority of tourists visiting Sri Lanka, representing 39.3 percent of total arrivals.

“The increase in tourism is believed to be a result of growing demand from countries such as the Russian Federation, United Kingdom and Germany,” SLTDA said.

“The Asia and Pacific region accounted for 49.5 percent of total tourist arrivals to Sri Lanka, while the Americas and the Middle East contributed 8.7 percent and 1.8 percent respectively.

“The easing of travel restrictions and enhanced air connectivity to Sri Lanka could be the key drivers behind the growth in tourism during this period.”

In the five months from January to May 2023, Sri Lanka has welcomed 524,486 tourists compared o 378,521 in the same period in 2022.

Sri Lanka raised its tourist arrival target to 2.0 million in 2023 from an earlier 1.5 million on the back of better trends seen in the first quarter. (Colombo/ June 08/2023)

• MAY 2023 TOURIST ARRIVALS

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Significant Increase In Tourist Arrivals In Sri Lanka 2023.

• March 10, 2023
• By Travel Connection

As the world slowly recovers from the COVID-19 pandemic, tourism is gradually resuming in many countries. Sri Lanka is one such country that has been working hard to attract tourists back to its shores. In January and February 2023, Sri Lanka saw a significant increase in tourist arrivals compared to the same period last year.

Tourist Arrivals in January and February 2023.

According to the Sri Lanka Tourism Development Authority (SLTDA), a total of 102,545 tourists visited Sri Lanka in January 2023. This is a 24.5% increase compared to January 2022, which saw only 82,327 tourist arrivals. Out of the total arrivals in January 2023, the majority of tourists (66.1%) were from Europe, followed by Asia and the Pacific (25.3%) and America (6.4%). The remaining 1.9% of tourists were from the Middle East and Africa.

Moving on to February 2023, Sri Lanka saw a further increase in tourist arrivals compared to January 2023. According to the SLTDA, a total of 107,639 tourists visited Sri Lanka in February 2023. This is an 11.5% increase compared to February 2022, which saw only 96,507 tourist arrivals. Similar to January 2023, the majority of tourists in February 2023 were from Europe (67.7%), followed by Asia and the Pacific (24.6%), and America (5.4%). The remaining 2% of tourists were from the Middle East and Africa.

The increase in tourist arrivals in Sri Lanka in 2023 can be attributed to several factors. One of the key factors is the successful management of the COVID-19 pandemic in the country. Sri Lanka has implemented strict health and safety protocols to protect both tourists and locals, which has helped to build confidence among travelers.

Why is Sri Lanka Worth Visiting?

Foremost, Sri Lanka's natural beauty, rich cultural heritage, and diverse wildlife continue to attract tourists from around the world. The country has something to offer every type of traveler, from beautiful beaches and scenic mountains to ancient temples and wildlife safaris. The popularity of these attractions has been in the hearts of many travelers over the years, as more and more people seek out unique and authentic travel experiences.

1. Natural Beauty: Sri Lanka is known for its breathtaking natural scenery, from stunning beaches and pristine national parks to rolling hills and ancient forests. Visitors can enjoy hiking, wildlife safaris, bird watching, surfing, and more while exploring the island's diverse landscapes.

2. Rich Cultural Heritage: Sri Lanka has a long and fascinating history, and visitors can explore ancient temples, monuments, and ruins that showcase the country's cultural heritage. From the iconic Sigiriya Rock Fortress to the ancient city of Anuradhapura, there is no shortage of historical and cultural sites to discover.

3. Unique Wildlife: Sri Lanka is home to an incredible array of wildlife , including leopards, elephants, crocodiles, and various species of primates. Visitors can take wildlife safaris or visit national parks like Yala, Wilpattu, and Udawalawe to see these incredible creatures up close.

4. Warm Hospitality: Sri Lankans are known for their warm hospitality and friendly nature, and visitors are often welcomed with open arms. The local cuisine is also a highlight, featuring a mix of Indian, Malay, and indigenous flavors.

5. Sustainable Tourism: Sri Lanka is committed to promoting sustainable tourism, which means visitors can enjoy their trip while minimizing their impact on the environment and supporting local communities. Overall, Sri Lanka offers a unique and authentic travel experience that is not to be missed. With its natural beauty, rich cultural heritage, unique wildlife, warm hospitality, and commitment to sustainable tourism, Sri Lanka is definitely worth visiting in 2023. Plan your holiday trip to Sri Lanka in 2023 and Get to Know about  Sri Lanka Tour Packages  and make it a life-worth trip.

In conclusion, Sri Lanka has seen a significant increase in tourist arrivals in 2023 so far, along with the country's natural beauty and rich cultural heritage, which continues to attract tourists from around the world. We can expect to see a further increase in tourist arrivals in the coming months. Sri Lanka is truly a gem of a destination, and it is exciting to see it thriving once again.

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Sri Lanka to hike tourist arrival target to 2.0mn for 2023

Monday April 3, 2023 10:24 am

ECONOMYNEXT – Sri Lanka will raise its tourist arrival target to 2.0 million in 2023 from an earlier 1.5 million on the back of better trends seen in the first quarter, Sri Lanka Tourism Development Authority (SLTDA) Chairman Priantha Fernando said.

“Based on the arrivals last year we set a target of 1.5 million tourists about six months ago. But with this we will be revising it to 2 million,” Fernando said Friday.

“The target for March 2023 was only 90,000, but we have exceeded that.

“For the month of March 01-28, we have welcomed 112,991 tourists, and this is the first time since 2019 that we have welcomed more than 100,000 tourists for the third consecutive month.”

In March the average daily arrivals were around 4,000.

Sri Lanka has welcomed 323,185 tourists by March 28, which may go up to 335,000 by the end of the first quarter. In that year Sri Lanka welcomed 1.9 million tourists, down from 1.3 million in 2018.

Sri Lanka’s central bank which usually trigger forex shortages with inflationary open market operations to target 5 percent inflation while collecting forex reserves, went overboard in 2020-2022 and triggered the worst currency crisis in its history, resulting in fuel shortages and social unrest.

Tourist arrivals which had picked up to 105,000 in March 2022, then plunged.

Forex shortages and also made it difficult to import aviation fuel and ticket prices also rose in US dollar terms. With the external sector stabilizing, air ticket premiums – which rose in US dollar terms – have started to ease and gradually flights are increasing.

Sri Lanka is expecting more tourists from India and is promoting the island in chosen generating markets.

China, which closed during Covid has re-opened.

From April onwards, state-run Sri Lankan Airline will be starting nine flights to China per week, while Chinese airlines will operate three flights per week, resulting in a boost in Chinese tourists to the country, Fernando said.

Also read: Sri Lanka to target nine markets in focused tourism campaigns

“And also in April, the Promotion Bureau will start promotions in China, which will open the market even more,” Fernando added.

“We have started discussing with the Foreign Ministry to start a direct flight from Israel, and we believe that with the increasing demand, we can get more new flight operators to the country.”

Currently, 20 percent of the tourists are from Russia, followed by India, the UK, and Germany. Markets like Germany is still affected by negative perceptions, according to officials. (Colombo/Apr03/2023)

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1 Sri Lanka expressway cashiers stealing 10 to 20-pct of toll revenue: official

2 sri lanka car permit tax losses rs14bn in two years of partial disclosure, 3 sri lanka ready to sign bilateral debt restructure deals: minister, 4 maharaja foods from sri lanka seeks rs125nm for expansion, 5 sri lanka fiu links up with bribery commission, boosting sri lanka female employment can counter ageing population, migration.

Friday June 21, 2024 4:00 pm

ECONOMYNEXT – Sri Lanka’s female employment lags Asian peers and clearing barriers to their work could be an important economic driver in the context of an ageing population and migration, Deputy Treasury Secretary R M P Rathnayake said.

Sri Lanka’s female labor force participation was estimated at 29.4 percent, according to the latest survey , compared to men’s participation which is at 67.4 percent.

However, many women also go abroad to countries with better monetary regimes and send back remittances.

“If you compare the participation of the labor force with other regional countries, such as Indonesia, Malaysia, Vietnam and Singapore, they are very ahead of Sri Lanka,” Rathnayake said.

“In Indonesia it’s 53% and Malaysia 52%, Vietnam 68%. So, it’s very high. And Singapore 62%.”

Making it easier for females to work could also boost economic growth.

Rathnayake was speaking at a forum organized by the Asian Development Bank. The ADB had already started to encourage credit to women under a Women’s Entrepreneurship Finance Initiative (We-Fi) which was initiated by several development lenders and governments.

Also linked to the project is the setting up of a National Credit Guarantee Institution.

The ADB is boosting SMEs through a 100 million dollar SME refinance loans by a number of commercial banks in Sri Lanka which will help women, and a credit guarantee fund.

“But as we all know, ownership of formal small and medium-sized enterprises is not the only.”

Sri Lanka also has other constraints for women to work, including social and familial traditional responsibilities that see women taking on a bigger part of unpaid care work in families. (Colombo/June16/2024)

Sri Lanka repays US$225mn to Reserve Bank of India in first quarter

Friday June 21, 2024 12:56 pm

ECONOMYNEXT – Sri Lanka’s central bank has repaid 225 million US dollars to the Reserve Bank of India in the first quarter of 2024, on top of earlier repayments, official data shows.

In October 2023 the Sri Lanka gave a Treasury guarantee to cover a 2,601.43 million dollar credit from RBI to Sri Lanka’s central bank.

Sri Lanka’s got deferred payments due to India via the Asian Clearing Union during the worst currency crisis triggered by rate cuts since the creation of the central bank.

According to official data the outstanding debt due to the Reserve Bank of India fell to 2,226.43 million US dollars by end March 2024 from 2,451.43 million dollars in December.

From October the central bank had repaid 375 million dollars to India.

Sri Lanka has repaid debt and also collected reserves by avoiding precipitate rate cuts.

Repaying foreign debt or collecting foreign reserves requires interest rate to be kept a little higher to crowd out domestic credit and investments.

However, if rates are cut, claiming historical inflation was low, and the blow market rates are enforced with open market operations, forex shortages will develop and reserves will be run down.

Analysts have said that RBI loans and swaps, which are were used to intervene in forex markets, also led to their sterilization with new money effectively re-financing private sector credit and delaying a correction the balance of payments.

Fortunately China’s swap, was made unusable as soon as reserves fell below 3 months of imports. Central bank swaps were invented by the Federal Reserve as it printed money for ‘macro-economic policy’ in the 1960s and delay market pricing rates. (Colombo/June21/2024)

Indian FM meets Sri Lanka political leaders; focuses on committed deals

Friday June 21, 2024 7:30 am

ECONOMYNEXT – Indian External Affairs Minister (EAM) S. Jaishankar met President Ranil Wickremesinghe and a range of political leaders during his visit to Sri Lanka, focusing on commitments made by Sri Lanka to India, including land and energy pipeline connectivity.

Sri Lanka has committed to renewable energy deals for the Indian Adani group, Trincomalee port development, an investment zone around the port, a bridge between the island nation’s Northern Mannar and South India’s Rameshwaram, a power grid, and an oil and gas pipeline between the two nations.

Though most of the committed projects have been discussed and some already signed, they face delays amid public protests, court cases on environmental concerns, anti-Indian sentiments triggered by high prices of renewable projects, local politicians as well as perceived Chinese influence, analysts say.

India has been pushing Sri Lanka to fast-track these deals under Prime Minister Narendra Modi.Jaishankar’s visit also comes ahead of Sri Lanka’s presidential polls later this year.

Jaishankar met President Wickremesinghe in a one-on-one meeting, Prime Minister Dinesh Gunawardena, and Foreign Minister Ali Sabry before delegation-level talks with Ports, Shipping and Aviation Minister Nimal Siripala de Silva, Agriculture and Plantation Industries Minister Mahinda Amaraweera, and Power and Energy Minister Kanchana Wijesekera.

“Appreciated the progress made on various bilateral projects and initiatives. Under President Ranil Wickremesinghe’s guidance, we discussed the way forward for India-Sri Lanka cooperation, especially in power, energy, connectivity, port infrastructure, aviation, digital, health, food security, education, and tourism sectors,” Jaishankar said on his official Twitter platform.

He also met former President Mahinda Rajapaksa, opposition leader Sajith Premadasa, and leaders of various political parties from the North, East, and the upcountry region.

“Interaction of EAM with the leadership of the Government of Sri Lanka provided an opportunity to review and accelerate progress in the multifaceted India-Sri Lanka partnership,” the Indian External Affairs Ministry said in a statement.

One of the key focus areas of discussion was the Vision Document adopted by President Wickremesinghe and Prime Minister Modi during the Sri Lankan leader’s visit to India in July 2023.

“Discussions added momentum to the ongoing projects as well as initiatives for promoting connectivity in all its dimensions, particularly in domains of energy, physical infrastructure as well as economic and people-to-people ties.”

Jaishankar also met leaders of Sri Lanka’s upcountry Tamils, who originally came from India as plantation workers. He discussed development and devolution of power with an eight-member delegation of Tamil leaders from the Northern and Eastern provinces, including Shanakiyan Rasamanikkam and M. A. Sumanthiran.

India helped Sri Lanka with financial and humanitarian aid when the island nation faced an unprecedented economic crisis amid delays by the International Monetary Fund loan to rescue Sri Lanka.

“Following Sri Lanka’s economic recovery and stabilization, forging deeper long-term economic cooperation was underlined as a priority for sustainable and equitable growth of Sri Lanka, and mutual prosperity in the Indian Ocean Region,” the Indian External Affairs Ministry said.

Though the Sri Lankan government has claimed that Jaishankar’s visit was a precursor to Indian Prime Minister’s visit, the Indian External Affairs Ministry did not mention anything about a possible Modi visit.

This visit is Jaishankar’s first bilateral visit after the formation of the new government.

The Adani wind power project in the Northern district of Mannar has seen some public protests over environmental concerns after some experts said the project has failed to conduct a proper Environmental Impact Assessment (EIA). Critics also protest against its transparency.

President Wickremesinghe, opposition leader Premadasa, and Marxist Janatha Vimukthi Peramuna (JVP) leader Anura Kumara Dissanayaka are expected to contest in the election to choose the island nation’s 8th leader.

Sri Lankan leaders have been under pressure from India in the past two decades amid increasing Chinese influence in the island nation, seen as a security threat to India, analysts say.

The docking of a Chinese nuclear submarine in 2014 led to a dramatic government change in the 2015 presidential poll with the ousting of former leader Mahinda Rajapaksa, who later accused India of orchestrating his defeat.

Rajapaksa’s brother Gotabaya in 2021 unilaterally canceled a key port terminal project given to India’s Adani group after promising Jaishankar to sign the deal.

Gotabaya Rajapaksa was later forced to flee the country in 2022 after mass protests due to his economic policies. (Colombo/June 21/2024)

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Tourist arrivals in Sri Lanka in 2023 exceed 860,000

(Photo by Mosharraf Hossain on Unsplash)

Over 860,000 tourists arrivals in Sri Lanka have been reported thus far in 2023, as per the statistics by the Sri Lanka Tourism Development Authority (SLTDA).

Accordingly, a total of 866,744 tourists arrivals were reported since January this year, of which 98,831 were reported within the first 20 days of August, the SLTDA stated.

While a majority of the tourists have been identified as Indian nationals, a high number of British and Chinese nationals were also recorded entering Sri Lanka.

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1 Responses to Tourist arrivals in Sri Lanka in 2023 exceed 860,000

This is a good indication. Why tourists are always photographed with elephants? May be this because Elephants attract tourists. If that is so, our elephants worth millions of rupees! The irony is every week two or three wild elephants getting killed. Sri Lanka doesn’t have substantial plans to stop this.

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Home » Tourist arrivals in Sri Lanka in 2023 exceed 860,000

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Tourist arrivals to Sri Lanka increased in January 2023 and bridging the Targets.

The largest source markets recorded for January were the Russian Federation with around 25%, India (13%), and Germany (9%), followed by United Kindom, France and Australia.

In the meantime, Sri Lanka plans to increase domestic tourism to all regions in 2023 with nine “long weekends” that will allow tourists to traverse the island.

Suggested Read: The Most Attractive Places to Visit in Sri Lanka 

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The number of foreign tourist arrivals to sri lanka 2023.

The number of foreign tourist arrivals to Sri Lanka has been recorded as over 100,000 for January 2023. this was a about 20,000 tourist arrival increase comparing to January 2022. Russian Federation was the largest source of tourist arrivals to Sri Lanka in January 2023 which is 25,254 (25% from total arrivals). Followed by India which 13,759 tourist arrivals (13% from total arrivals) and India was a recorded as largest source for tourism arrivals to Sri Lanka in 2022.

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In January 2023, Purchasing Managers Indices indicated that Services activities remained slightly expanded while Manufacturing activities continued to deteriorate.

Manufacturing PMI signals a continued setback in manufacturing activities on a month-on-month basis in January 2023. Accordingly, Manufacturing PMI recorded an index value of 40.8 in January 2023, with a decline of 4.0 index points from the previous month driven by the decreases in all the sub-indices, except Suppliers’ Delivery Time.

Having recognized the need to institutionalize financial consumer protection in the delivery of services by financial institutions regulated by the Central Bank of Sri Lanka, the Financial Consumer Relations Department of CBSL has developed a comprehensive set of new regulations aiming at introducing an integrated financial consumer protection framework for entities regulated by CBSL. These regulations are expected to define specific regulatory powers for the supervisors to facilitate market conduct supervision while providing clarity to both the service providers and recipients on the areas to be considered in delivering/ obtaining financial services aiming at minimizing the need for financial consumers to make subsequent complaints.

The Central Bank of Sri Lanka (CBSL) issued an uncirculated commemorative coin in the denomination of Rupees 1000 to mark the 75th Independence Day Celebration in the country, which falls on 04.02.2023. This is the 71st commemorative coin that was issued by the Central Bank. The detailed description and specifications of the coin are given below.

Earnings from exports in 2022 surpassed US dollars 13 billion per year for the first time, recording an increase of 4.9 per cent from the previous highest recorded in 2021. This improvement was a result of increased earnings from industrial exports, including garments, gems, diamonds and jewellery, machinery and mechanical appliances and petroleum products. Meanwhile, total import expenditure in 2022 amounted to US dollars 18,291 million, recording a decline of 11.4 per cent, year-on-year, resulted from measures to restrict non-urgent imports and liquidity constraints prevailed in the market for the most part of 2022. As a result, the deficit in the trade account in 2022 narrowed to the lowest level since 2010 to US dollars 5,185 million, from US dollars 8,139 million recorded in 2021. The major contributory factors for the decline in the cumulative trade deficit in 2022 are shown in Figure 1.

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100) decreased to 54.2% in January 2023 from 57.2% in December 2022. The decline in the headline inflation is broadly in line with the disinflation path envisaged by the Central Bank of Sri Lanka (CBSL) in January 2023.

The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 24 January 2023, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 14.50 per cent and 15.50 per cent, respectively. The Board, having noted the recent and expected developments and projections on the domestic and global macroeconomic fronts, was of the view that the maintenance of the prevailing tight monetary policy stance is imperative to ensure that monetary conditions remain sufficiently tight to rein in inflationary pressures. Such tight monetary conditions, together with the tight fiscal policy, are expected to adjust inflation expectations downward, enabling the Central Bank to bring inflation rates towards the desired levels by end 2023, thereby restoring economic and price stability over the medium term.

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1 decreased further to 59.2% in December 2022 from 65.0% in November 2022. Similarly, the Food inflation (Y-o-Y) decreased further to 59.3% in December 2022 from 69.8% in November 2022, while Non-Food inflation (Y-o-Y) decreased to 59.0% in December 2022 from 60.4% in November 2022.

In December 2022, Purchasing Managers Indices indicated an expansion in Services activities and a continued setback in Manufacturing activities.

Manufacturing PMI recorded an index value of 44.8 in December, indicating a continued setback in manufacturing activities. This setback was driven by subdued performance observed in all the sub-indices, except Suppliers’ Delivery Time.

Services PMI returned to the growth territory, recording an index value of 51.6 in December 2022 after declining for two consecutive months. This increase was underpinned by the improvements observed in New Businesses, Business Activities and Expectations for Activity sub-sectors. However, Employment and Backlogs of Work continued to decline during the month.

The merchandise trade deficit continued to remain low compared to a year ago, though it widened in November 2022 over the previous month. Earnings from merchandise exports declined in November 2022, mainly due to lower global demand, particularly for garment exports. Meanwhile, merchandise import expenditure also declined for the ninth consecutive month in November 2022 on year-on-year basis, despite recording an increase, compared to October 2022. Workers’ remittances continued to recover and recorded a notable increase in November 2022 over a year earlier and the previous month. Earnings from tourism increased in November 2022 over the previous month supported by a growth of tourist arrivals over 40 per cent. Foreign investment in the government securities market recorded a marginal net inflow during November 2022, while the Colombo Stock Exchange (CSE) recorded a marginal net outflow during November 2022. The Central Bank continued to provide foreign exchange to the domestic foreign exchange market to part finance essential imports. Consequently, the build-up of gross official reserves remained constrained. Meanwhile, the weighted average spot exchange rate in the interbank market remained around Rs. 363 per US dollar during the month.

The liquidity deficit in the domestic money market, which remained significantly high during the first half of 2022, declined in the latter part of 2022. However, in spite of the improvements in money market liquidity conditions, market interest rates continued to remain high, partly due to subdued activity in the domestic money markets. At the same time, it has been observed that several Licensed Commercial Banks (LCBs) have continued to depend excessively on the overnight Standing Facilities under Open Market Operations (OMOs) of the Central Bank without considering market based funding options to address their structural liquidity needs. Such LCBs have not indicated any signs of taking remedial actions to reduce the over dependence on overnight facilities offered by the Central Bank, which are available to be used as fall back options after utilizing all other funding options.

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Do you need a visa to go to Sri Lanka?

Oct 15, 2023 • 3 min read

Do you need a visa to visit Sri Lanka? Probably, and we can tell you how to get one © Val Shevchenko / Shutterstock

Sri Lanka may be known as the teardrop isle (due to its distinctive shape), but the country’s refreshingly straightforward visa system shouldn’t be a source of too much anguish for travelers. 

Here’s our guide to navigating the entry requirements for visiting Sri Lanka as a tourist, with information on visa types, costs, and how to apply for one.

Who needs to apply for a visa for Sri Lanka?

With the exception of citizens from Singapore , the Republic of Maldives , and the Republic of Seychelles , all travelers will require a visa to visit Sri Lanka. Fortunately the process for acquiring one is relatively straightforward. 

Applying for an Electronic Travel Authorization (ETA)

For trips to Sri Lanka of up to 30 days, visas (also known as ETAs) can be obtained from the government’s Department of Immigration and Emigration website . The application involves completing a simple form and making an online payment, with no need to submit passport copies, documents, or photographs. An application is also available upon arrival.

It costs US$50 for a double-entry, 30-day tourist visa (US$20 for residents of Afghanistan , Bangladesh , Bhutan , India , Nepal , and Pakistan ). Two-day transit visas are free and only necessary if you plan to leave the airport. There is also no charge for tourist visas for children under the age of 12. 

It’s possible to check the status of an ETA online. Once approved, print out a copy of the ETA approval notice to show immigration officials on arrival in Sri Lanka. For an ETA to be valid, you must arrive in Sri Lanka within three months from the date of issue. 

ETAs can also be applied for through travel agents and in person at Sri Lankan embassies or consulates ahead of a trip. Embassies can offer longer visas, such as those granting entry for 90 days. 

In addition to an ETA, visitors to Sri Lanka need to make sure they have a passport valid for at least six months from the date of arrival, a confirmed return ticket and sufficient funds to meet their expenses during the stay.

Can I apply for a tourist visa on arrival in Sri Lanka?

A limited facility runs at Bandaranaike International Airport (Sri Lanka’s main international airport), offering ETAs on arrival. These visas cost more than those obtained before travel (US$60; or US$25 for residents of Afghanistan, Bangladesh, Bhutan, India, Nepal, and Pakistan). It’s also worth noting if your visa application is unsuccessful for any reason, you will be returned to your original destination.

How do I extend a tourist visa in Sri Lanka?

You can renew a 30-day tourist visa up to three times once in Sri Lanka. The initial extension is usually granted for 60 days, and the maximum length of a tourist visa is 270 days. Visitors wishing to apply for an extension should make sure they do so before their current visa expires and must ensure their passport is valid for at least two months after their intended stay. 

Applications can be submitted via the online visa extension portal . The fee depends on your nationality and length of stay. Contact the Department of Immigration and Emigration in Colombo should you need further advice on extending your stay.   

This article was first published Mar 26, 2021 and updated Oct 15, 2023.

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