March 30, Colombo (LNW): The Sri Lankan migrant labor community, known for its substantial contribution to the country’s economic growth, has remitted an impressive Rs. 289.2 billion (equivalent to 964 million US dollars) to Sri Lanka during January and February of this year.
A recent report issued by the Central Bank of Sri Lanka reveals that the country received $488 million in remittances in January and $476 million in February of this year. This marks a significant increase compared to February 2023, with remittances totaling $407 million.
In January 2023, Sri Lanka received remittances amounting to $437 million. The report underscores a notable surge in remittance value in 2024 compared to the same period in the previous year.
Moreover, the Central Bank of Sri Lanka highlights that by the end of February 2024, the gross official reserves stood at $4.5 billion, including a foreign exchange facility of $1.5 billion received from the People’s Bank of China. In February of this year, the Central Bank of Sri Lanka purchased $240 million on a net basis, further enhancing the country’s foreign exchange reserves.
