Workers’ remittances top US$ 3bn by May

• May remittances total US$ 641.7mn, up 17.8% YoY

Sri Lanka’s worker remittances crossed the US$3 billion mark by the end of May 2025, with inflows rising by 18.2 percent year-to-date. 

This significant growth is driven by the increased use of official banking channels and robust labour demand from the Middle East. Data released by the Central Bank (CB) showed that cumulative remittances reached US$ 3.1 billion from January to May 2025, a substantial increase from the US$ 2.62 billion recorded during the same period last year. 

In May alone, Sri Lanka received US$ 641.7 million in remittances, marking a 17.8 percent increase from the US$ 544.4 million recorded in May 2024. The latest figures indicate three consecutive months of year-on-year gains, signalling resilience in external inflows despite earlier concerns over a potential decline in foreign employment departures.

The outlook has turned more favourable with the recent uptick. According to the Sri Lanka Bureau of Foreign Employment (SLBFE), over 100,000 Sri Lankans have secured overseas employment between January and mid-May 2025. Kuwait has emerged as the leading destination with over 25,000 placements, followed by the United Arab Emirates, Qatar, and Saudi Arabia.

The SLBFE remains confident in achieving its annual target of facilitating foreign employment for 340,000 workers in 2025.

The sustained recovery in remittances is critical for easing pressure on the rupee and strengthening the nation’s foreign exchange reserves as Sri Lanka continues its economic reforms under the International Monetary Fund (IMF) programme.