October workers’ remittances cross US$ 500mn

Workers’ remittances to Sri Lanka through official channels rose to half a billion dollars in the month of October, the data released by the Central Bank showed.
The workers’ remittances inflows for October were recorded at US$ 517.4 million, up from US$ 355.4 million reported for the same month in 2022.

In the latter half of 2022 and continuing into this year, Sri Lanka has witnessed a surge in migration, with a growing number of individuals seeking employment abroad as a means to cope with the economic crisis at home.

Also, the normalisation of the exchange rate and crackdown on informal channels have led to a notable increase in remittances from workers to the country.
Workers’ remittances and tourism earnings help Sri Lanka to cover its trade deficit.
For the first 10 months of 2023, the workers’ remittance inflows stood at US$ 4, 862.5 million, up 66 percent from a year ago.