• Tue. Feb 27th, 2024

Workers’ Remittances Inflows Off to a steady start in January

Workers’ remittances inflows jumped  11.4 percent Year-on-Year (Yoy) to $487.6 million in January this year, slightly below US$ 570 million recorded in festive December last year and failing to cross $500 million mark.

However, remittance inflow remained steady with double-digit growth despite the appreciation of Rupee in the month. The Rupee value of remittances was down 1.2 percent YoY to Rs. 156.6 billion due to the strengthening of the Rupee against the USD.

Last year, remittances jumped by 57 percent YoY to $6 billion from US$ 3.8 billion recorded in 2022.

A record number of Sri Lankans left for overseas for foreign employment last year, which is close to 311,269 departures seen in 2022 at the height of the economic crisis.

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