Significant increase in foreign remitance in May

Migrant workers remitted USD 479.7 million in May 2023, according to the most recent data released by the Central Bank of Sri Lanka (CBSL) made available on Monday.

This brings the cumulative figure for the first five months of the year to USD 2,346.9 million marking a significant increase of 75.7 percent compared to the same period in the previous year, the CBSL data show.

Workers remitted USD 454 million in April.

Official figures for the 2021 and 2022 total for remittances were USD 5.49 billion and USD 3.8 billion, respectively.

Migrant workers’ remittances are one of main sources of foreign revenues for Sri Lanka.