Worker Remittances to Sri Lanka Surge 26.5% in Q1

COLOMBO (News 1st); Sri Lanka has recorded a notable increase in foreign worker remittances during the first quarter of this year, with inflows rising by 26.5 percent compared to the same period last year, according to the Sri Lanka Bureau of Foreign Employment.

The Bureau said that more than USD 2.2 billion in remittances were received between January and March this year. Of this amount, USD 751 million was received in January, USD 729 million in February, and USD 815 million in March.

In comparison, migrant worker remittances received during the first three months of last year amounted to just over USD 1.8 billion.

In a statement, the Sri Lanka Bureau of Foreign Employment said the increase in remittance inflows can be attributed to efforts to strengthen confidence in the country’s financial system, promote transparency, and encourage the use of regulated and legal channels for overseas workers’ remittances.

The Bureau also noted that during the period from January to the end of March this year, a total of 62,145 Sri Lankan workers departed the country for overseas employment opportunities.