March workers’ remittances record sharp increase to US$ 568mn

7 April 2023 06:30 am Views - {{hitsCtrl.values.hits}} 3 Bookmark

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First time since April 2021 for workers’ remittances to cross US$ 500mn mark

Workers’ remittances to Sri Lanka crossed the US$ 500 million mark for the first time since April 2021, data released by the Central Bank last evening showed.

For March 2023, Sri Lanka recorded workers’ remittances inflow of US$ 568.5 million compared to US$ 318.4 million in March 2022.

The cumulative inflows for the first three months of the year stood at US$ 1413.2 million compared to US$ 782.5 million in the corresponding period of 2022, which is an increase of 80.6 percent.

Sri Lanka saw a record 320,000 people migrating in 2022, the highest for any year.

If the current uptrend in workers’ remittances persists, such income could hit US$ 6 billion this year.

Sri Lanka is currently seeing some easing in the domestic foreign exchange market with increased inflows, lower imports and positive sentiments stemming from the country’s deal with the International Monetary Fund.

As a result, the rupee which depreciated over 80 percent last year, had appreciated by 13 percent against the US dollar as at April 6, 2023.

Comments - 3

Leslie Perera Friday, 07 April 2023 03:17 PM

While the younger Lankans go in search of greener Pastures.. The GOSL must encourage those Seniors who migrated and now in retirement abroad , to spend their golden years in the mother Land. A Promotion by SL Diplomats abroad would be a good starting point. Over to you Hon. Prime Minister,

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Tissa Fernando Friday, 07 April 2023 05:44 PM

Many will start sending money to be deposited in NRFCs if the threat of NPP coming to power is reduced to Zero. Many are afraid that if the NPP comes to power, the money in NRFCs will be converted or taken over by the government.

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lester Friday, 07 April 2023 06:02 PM

Allow anyone to open dollar accounts if you want to capture the black market dollars.

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