The Central Bank of Sri Lanka has announced a positive uptick in workers' remittances for January 2024, signaling a promising start to the year compared to the same period last year.
According to the latest data, workers' remittances reached a total of US dollars 488 million in January 2024, marking a notable increase from US dollars 437 million recorded in January 2023, albeit slightly lower than the figure of US dollars 570 million reported in December 2023.
Despite seasonal fluctuations, workers' remittances have maintained a consistent upward trajectory since a significant recovery observed in 2022, showcasing resilience in the face of economic challenges.
However, foreign investments in the government securities market continued to experience net outflows, amounting to US dollars 10 million in January 2024, reflecting ongoing volatility in this sector.
Similarly, foreign inflows to the Colombo Stock Exchange (CSE), encompassing both primary and secondary market transactions, recorded net outflows of US dollars 5 million during the same period.
These contrasting trends highlight the complex nature of Sri Lanka's financial landscape, where workers' remittances serve as a stabilizing force amidst fluctuating foreign investment patterns.
