In the wake of reawakening of repatriation foreign remittances via proper channels by Sri Lankans working overseas especially in the Middle East, the country’s sate owned banks have been introducing novel foreign exchange transfer systems to facilitate their money transfers.
Sri Lanka workers’ remittances have significantly increased to US$384.4 million in November 2022 from $ 355.4 million in October 2022, the Central Bank said.
National Development Bank PLC (NDB) has made remittance transfers via Delma Exchange more convenient and hassle-free to Sri Lankans living in the UAE by appointing an NDB representative in Dubai to boost this service.
Delma Exchange is one of the top foreign exchange providers in UAE that delivers regional gulf businesses engaged in international trade comprehensive foreign exchange management and international payment services.
This is also the most prominent service Sri Lankans use in the UAE for foreign remittance as its charges are low and competitive with other remittance services, NDB said in a media release.
Sri Lanka is presently experiencing a national economic crisis that has directly impacted the country and its citizens.
The bank said NDB bank’s – representative in Dubai is equipped to handle all matters pertaining to Delma exchange remittances and is committed to providing the needed and apt financial services to Sri Lankans residing in Dubai.
All non-remittance related services such as opening a savings account or other essential banking services will also be administered by NDB Bank’s representative in UAE in order to prevent any hassle and encourage Sri Lankans abroad to use their banking services in the most efficient manner.
Sri Lanka workers’ remittances have significantly increased to US$384.4 million in November 2022, the Central Bank said.
Accordingly, the cumulative figure for the first eleven months of the year (Jan – Nov) is reported as US$ 3,313.9 million.
According to the CBSL statistics, worker remittances had increased to US$355.4 million in October 2022 from US$317.4 in September 2022.
Sri Lanka’s officially calculated worker remittances grew 1.73 percent from a year earlier to 359.3 million US dollars in September 2022, official data showed.
Official remittances were also up from 325.4 million US dollars in August .Sri Lanka received around 446 million US dollars in remittances in August 2021, when the central bank tightened rules on how much banks could pay for remittances.
Overseas workers send money through unofficial channels when central banks in the region print money creating pressure on outflows and then imposes exchange controls, triggering parallel exchange rates.
