Sri Lanka's official channels recorded a notable increase in worker remittances, reaching $572.4 million USD, reflecting a 0.72 percent rise compared to the previous year's $468.3 million USD, as per data released by the central bank.
This surge follows a steady climb from $476.2 million USD in February 2024.The island nation faced a significant downturn in remittances in 2022, plummeting to approximately $275 million USD.
This decline was attributed to monetary instability caused by mis-targeted exchange rates, prompting capital flight into unofficial channels.
However, the latter part of 2022 witnessed a restoration of monetary stability, bolstering confidence in the exchange rate's credibility.
Since May 2023, monthly remittances have consistently surpassed the $475 million USD mark. Notably, remittances typically experience an upsurge in March ahead of traditional New Year holidays, with a similar trend observed in December.
