December 08, Colombo (LNW): Sri Lanka has experienced a slight dip in workers’ remittances, with November 2024 witnessing a total of US$ 530.1 million, a decrease from US$ 587.7 million in the previous month.
This decline continues a trend of fluctuating remittance figures, as the country has seen a marginal reduction compared to the same month last year, when remittances amounted to US$ 537.3 million in November 2023.
The fall in remittance inflows in November comes as a concern for Sri Lanka’s economy, which heavily relies on these funds to support foreign exchange reserves and manage economic stability.
Experts suggest that the decline could be attributed to a combination of factors, including global economic challenges, tighter immigration policies in key remittance-sending countries, and the ongoing economic adjustments in Sri Lanka.
Despite the drop, remittances continue to be one of the primary sources of income for millions of Sri Lankan families, with many relying on these funds to meet daily expenses, invest in education, and support healthcare needs.
However, the recent trend has raised concerns about the potential long-term impact on the overall economy, especially as the country faces challenges such as inflation and a weaker currency.
The government and central bank officials have indicated that measures to stabilise and encourage remittance flows are closely being monitored, asserting that these inflows are crucial in the ongoing efforts to rebuild Sri Lanka’s financial standing and support economic recovery in the wake of past crises.
