Sunday, April 14, 2024

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Foreign remittances further declined – dollar crisis mounts

Foreign remittances have reportedly declined by US$ 1600 million in comparison of the values of 2020 and 2021.

Sri Lankans living overseas have remitted US$ 7,100 million in 2020, but only US$ 5,400 million in 2021.

Sri Lanka received US$ 812 million in December, 2020 but the figure dropped to US$ 325 million in December, 2021.

Nevertheless, dollar inflows indicate a slight rise in December compared to November last year.

The Central Bank of Sri Lanka (CBSL) also decided to set an allowance of Rs. 10 per dollar to encourage Sri Lankans abroad to remit monies. Despite the CBSL’s campaigning on the offer, no significant improvement has seemingly been made.

Recent reports also claimed that Sri Lankans living overseas remit dollars through various channels, including brokers, without trusting the banks. The Governor of the CBSL commented that the amount of dollars remitted via such informal channels is only a small percentage, making no effect.


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