Wednesday, November 29, 2023

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Foreign workers’ remittances exceed US $517 mn in October

Colombo (LNW): Expatriate workers demonstrated their unwavering support for the nation by sending a robust US $517.4 million in remittances in October alone.

Since Minister of Labour and Foreign Employment Manusha Nanayakkara assumed office last May, a staggering US $7.6 billion has flowed into the country as foreign workers’ remittances.

The noteworthy surge continues to gain momentum, with October’s remittance figure marking a compelling 45.63 per cent increase compared to the US $355.4 million received in the same month last year.

The resilience of this trend is further emphasised by the cumulative foreign remittances for the first ten months of this year, which stand impressively at US $4.86 billion.

Comparatively, the figures from the same period last year reveal a remarkable growth, with US $2,929.4 million received as foreign remittances.

This substantiates an exceptional 66 per cent increase in foreign remittances during the initial ten months of this year, underscoring the sustained commitment of expatriate workers to contributing significantly to the country’s economic vitality.

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