Migrant workers send US$ 3.14 bn in 1H boosting remittances

• In June Sri Lanka received US$ 519.6 mn in receipts from migrants working abroad
• Cumulative remittances from January to June expand 11.4% YoY 

Remittances from Sri Lankans working abroad continued to come above US$ 500 million a month reflecting the fire power it has in keeping the country’s current account of the balance of 
payment in check.

Migrant workers have collectively sent US$ 3.14 billion to the country in the first six months of the year, which is an 11.4 percent Year-on-Year (YoY) growth in remittances when compared with the corresponding period in 2023.

In June, Sri Lanka received US $ 519.6 million in receipts from migrants working abroad, compared with the US$ 544.4 million the country received in May. This is higher than the US$ 475.7 million they repatriated back in June 2023.

Sri Lanka ran into severe foreign currency shortage in the first half of 2022 as the political parties with vested interests spread lies about dollars being stolen by the then government and the people, especially those who work abroad also took the bait.

This resulted in them sending as little money as possible and that too was sent via outside the banking system, depriving the country of the much needed foreign currency at the time the pandemic nearly decimated roughly US$ 5.0 billion worth of income from tourism per annum.

What made the issue more pronounced back then was fewer people could go abroad in search of work due to the pandemic and instead many wanted to return seeking protection from the virus at the time in Sri Lanka.

Following the economic crisis, many people left the country in droves thereafter as they got hammered from sky high taxes, market priced power and energy prices and the rates which went through the roof.
Worker remittances rank among the top foreign exchange earners for Sri Lanka.