ECONOMYNEXT – Sri Lanka’s official remittances grew 16.8 percent from a year earlier to 476.2 million US dollars, but fell to an 8-month low, official data shows.
Remittances coming through official channels fell to 476.2 million US dollars in February 2024, from 487.6 million in January, after peaking at 569.7 million US dollars in December.
Remittances tend to rise in November and December as overseas workers send extra money to loved ones in for the festive season.
Similar trends are seen in March ahead of the April season.
Exchange rate spreads in Sri Lanka banks are wide with the rupee dollar rate volatile, amid the exchange rate regime that is followed, despite deflationary monetary policy helping appreciate the currency. (Colombo/Mar09/2024)