Economy

Tourist arrivals in May likely to surpass 100,000: Analysts

Published

2 years ago

May 27, 2024

Despite being a slow month, tourist arrivals are expected to exceed 100,000 by the end of May, according to industry analysts. This influx is set to push the cumulative number of tourists closer to 900,000 for the year.

As of May 21, a total of 79,431 tourists had arrived, bringing the total for the year to 864,082. The daily average number of tourists was recorded at 3,782.

Analysts said that if Sri Lanka maintains the current daily average for the rest of May, the month would see over 100,000 tourist arrivals despite being off-season. During the last phase of the winter season, Sri Lanka attracted over 200,000 tourists per month.

So far in May, the top three markets generating tourists were India, the Maldives, and Germany. Additionally, visitors from the UK, China, Australia, Russia, France, the US, and Canada contributed to the month’s arrivals.

On a year-to-date (YTD) basis, India, Russia, and the UK have emerged as the leading sources of tourists for Sri Lanka.

“The steady influx of tourists is a positive indicator for the country’s tourism industry, which continues to recover and grow despite facing challenges,” analysts added.

For 2024, Sri Lanka Tourism expects to attract over 2.3 million visitors and generate an income of over $4 billion.

Economy

Sri Lanka’s official reserves fall below US$ 7 billion

Published

3 hours ago

May 10, 2026

admin

Sri Lanka’s official reserve assets fell below the US$ 7 billion mark again in April 2026, according to the latest data released by the Central Bank of Sri Lanka.

The country’s total official reserve assets declined from US$ 7.026 billion recorded at the end of March 2026 to US$ 6.759 billion by the end of April.

Data also showed that foreign exchange reserves — the main component of official reserves — dropped from US$ 6.8 billion to US$ 6.505 billion during the month.

Meanwhile, Sri Lanka’s gold reserves declined slightly from US$ 222 million to US$ 219 million.

Economy

PayPal to launch in Sri Lanka from May 15

Published

2 days ago

May 8, 2026

admin

PayPal is set to launch in Sri Lanka on 15 May, in a move expected to expand formal digital payment channels, initially starting with business-to-business (B2B) payments to exporters.

According to sources, the initial rollout will focus on enabling inward payments to exporters, with several local banks already appointed as agents for the service.

While an official announcement is yet to be made, sources said the launch is currently scheduled for 15 May, with the Presidential Secretariat likely to host the event.

Banking sector officials have already participated in familiarisation sessions relating to PayPal’s entry into Sri Lanka, while PayPal representatives are understood to have visited the country last month for discussions with local stakeholders and financial institutions regarding the rollout framework.

The move follows months of engagement between the Government, the Central Bank of Sri Lanka (CBSL), and the private sector, aimed at enabling regulated inward remittance functionality through the global online payments platform.

In February, Digital Economy Ministry Secretary Waruna Sri Dhanapala said Sri Lanka had entered the final stage of enabling inward remittances through PayPal, describing it as a key milestone in modernising the country’s digital payments ecosystem.

Economy

Sri Lanka tests online ticket booking platform or intercity bus travel

Published

5 days ago

May 5, 2026

admin

Sri Lanka has launched a pilot programme to enable online seat reservations for long-distance bus travel, Transport and Highways Minister Bimal Rathnayake announced today.

Speaking at a media briefing, the Minister said buses remain the most widely used mode of daily transport in the country, even surpassing trains in popularity.

However, he noted that passengers currently face inconvenience as they must physically visit bus terminals to reserve seats, making travel planning difficult.

“This new system will allow passengers to reserve seats in advance and plan their journeys more efficiently. Our aim is to make daily life easier,” he said.

The initiative will initially be implemented through private bus operators, with plans to expand the service to the Sri Lanka Transport Board (SLTB) at a later stage.

Sri Lanka Telecom Chairman Mothilal De Silva stated that the platform was introduced ahead of the New Year holiday period in collaboration with several private sector partners.