By: Staff Writer
Colombo (LNW): Sri Lanka has posted a 74 percent increase in workers’ remittances during the first eight months of 2023, reaching nearly US$ 4 billion, compared to the corresponding period of the previous year.
Based on the most recent data released by the Central Bank, workers’ remittances in August 2023 increased to US$ 499.2 million, a substantial uptick from the US$ 325.4 million received in August 2022. However, this figure remained below the six-year average of US$ 584 million for the month of August spanning from 2015 to 2020.
For the January- August 2023 period, the cumulative remittance income stood at US$ 3, 862.7 million, compared to US$ 2, 214.8 million recorded for the equivalent period in 2022.
This translates to a substantial increase of 74.4 percent. “This isn’t just a statistic. It’s a testament to dedication, hard work, and perseverance of our Sri Lankan expatriates,” Labour and Foreign Employment Minister Manusha Nanayakkara said commenting on the latest data.
Sri Lanka has received 499 million US dollars in remittances through official channels in August 2023, up 53 percent from a year ago, data released by the central bank shows. The August number is slightly lower than 541 million US dollars in July.
Worker remittances coming through official channels fell in 2021 which could not be paid for by the banking system at the official rate as money was printed to sterilize interventions and keep a policy rate down, triggering parallel exchange rates, which were settled outside the formal banking system.
From April rates were hiked, slowing credit and the need to print money to keep rates down. Up to August 2023, Sri Lanka received 3,862.7 million US dollars from official channels, up 74 percent 2,214.5 million US dollar in 2022
“Our global workforce, spread across the world, has not only weathered the challenges brought about by the pandemic but has thrived and excelled. They have supported families, communities, and our nation’s economy through their tireless efforts,” he added.
“Let’s take a moment to appreciate their unwavering commitment and the sacrifices they make to uplift their loved ones and the country. Their remittances go beyond numbers; they are a lifeline, a beacon of hope, and a source of pride for Sri Lanka.
Together, we look forward to a brighter future, knowing that the global Sri Lankan community plays a pivotal role in our nation’s progress. As we celebrate these remarkable achievements, let’s continue to support and honour the dedication of our global workforce,” the Minister further said.
