Remittances drop by 33% since last May

COLOMBO (News 1st); Sri Lanka’s official remittances have dropped by 33% to 304 million US dollars in May 2022 in comparison with the previous year, which was recorded at 460 million US dollars.

The remittances received in May, were the monthly highest this year since 318 million US dollars received in March this year.

Remittances of 249 million US dollars were received in April, while 205 US dollars were received in February and 259 US dollars were received in January within this year.

However, Sri Lanka usually gets around 500 to 600 million US dollars in remittances a month from expatriate workers.

Workers remittances recorded a decline after the central bank imposed a limit on the exchange rate earlier, however the decision was later reversed.