ECONOMYNEXT – Sri Lanka’s worker remittances through official channels grew 0.72 percent to 572.4 million US dollars, from 468.3 million US dollars a year ago, data from the central bank show.
Remittances were up from 476.2 million in February 2024.
Related Sri Lankans migrating for foreign employment drops 4.2-pct in 2023
Sri Lanka’s remittances dropped to around 275 million US dollars in 2022 as money was printed to mis-target rates creating forex shortages driving foreign exchange into unofficial channels.
Monetary stability was restored in the last quarter of 2022, improving the credibility of the exchange rate.
Monthly remittances have been above 475 million US dollars from May 2023.
Remittances generally rise in March ahead of traditional New Year holidays and also in December. (Colombo/Apr07/2024)