Sri Lankan overseas workers remit US$4.35 billion in 9 months 2023

Sri Lankan overseas workers are now remitting more foreign exchange in to the country via legal channels this year amidst the upsurge in exodus since last year,     

More than 511,000 Sri Lankans left the country for employment overseas since 2022 up to now.

Foreign remittances recorded an increase of 68.8 per cent to US$4.35 billion during the first nine months this year, Finance Ministry data shows.

According to Treasury figures, workers’ remittances recorded in September were at $482.4 million, as opposed to August 2023 during which the inflows reached $499.2 million.

The upward trend recorded in the foreign remittances is an optimistic sign for the national economy, providing an encouraging financial cushion in the face of challenges, Minister of Labour and Foreign Employment Manusha Nanayakkara said.

He noted that the ministry is to install a database on Sri Lankans who registered for foreign employment in order to keep records of 2-year renewals for employment with the ministry and their foreign remittances in to the country.  

Sri Lanka receives the highest amount of foreign remittances from Kuwait while Saudi Arabia, South Korea, Japan, and Oman were among the other countries where Sri Lankan workers remitted large amounts of foreign exchange, he disclosed. .

These remittances, from Sri Lankans employed overseas, have become a critical element in the country’s economic stability, providing substantial support against an expanding trade deficit, a senior Finance Ministry official said.  

Subsequently, the strong performance of this sector in the first nine months of 2023 greatly augments the external sector resilience of the island nation, he added. (Bandula)