Workers’ remittances record 19% jump in November

•  November workers’ remittances at US$ 612mn, up from US$ 515.3mn a year ago
•  Up for seven months in a row despite extremely negative forecasts 
•  Cumulative receipts for 11 months at US$ 6291.2, up 3.9% YoY
•  SL set to surpass last year’s remittance income of US$ 6,717mn this year

Sri Lankan migrant workers continued to send back their hard earned money in large sums to their loved ones at home, repeatedly higher than what was sent last year, despite the COVID-19 pandemic and certain extremely negative forecasts. 

According to the latest data, Sri Lanka has received US$ 611.7 million as workers’ remittances income in November compared to US$ 515.3 million in the corresponding month in 2019, recording the seventh consecutive monthly increase since May. 

November receipts marked a 19 percent jump from a year ago. 

In April, the World Bank projected 19 percent slump in remittance income to Sri Lanka. 

According to government sources, the pick up in workers’ remittances is largely due to the disruptions caused by the pandemic to the informal money transfer operations.

They said this has made more moneys to be sent to the country via formal channels. 

With November receipts, in the eleven months of the year, Sri Lanka has received a cumulative US$ 6,291.2 million from migrant workers, surpassing the US$ 6,052.2 million in the same period in 2019, recording 3.9 percent increase.

Sri Lanka received US$ 6, 717 million in workers’ remittances for the 2019 full year. It appears that Sri Lanka will surpass last year’s remittance income this year.

The Sri Lanka Bureau of Foreign Employment (SLBFE) earlier this month said it has resumed sending migrant workers to Saudi Arabia for employment.

An SLBFE official said 60 Sri Lankan male workers left for Saudi Arabia on November 28, resuming the placement of migrant workers.