Migrant workers’ remittances record sharp increase

COLOMBO: Sri Lanka’s workers’ remittances in the month of May 2023 was recorded at $479.7 million, according to the latest figures from the Central Bank of Sri Lanka (CBSL).

Accordingly, the cumulative figure for the first five months of the year (Jan — May 2023) is $2,346.9 million, which is an increase of 75.7 percent from corresponding period of the previous year.

Workers’ remittances have been a key pillar of Sri Lanka’s foreign currency earnings providing a substantial cushion against the widening trade deficit and thereby enhancing the external sector resilience of the country.