Sri Lanka will see a significant increase in remittances in 2023
COLOMBO, April 7 (IANS) Sri Lanka has seen a significant increase in remittances so far this year with more than $560 million repatriated by migrant workers in March, Labor and Overseas Employment Minister Manusha Nanayakkara said on Friday.
The minister announced, when announcing the incoming monthly transfers, that they recorded an increase of 78.5 percent over the inflows recorded in March 2022, reports Xinhua News Agency.
Nanayakkara said remittances from migrant workers increased significantly this year.
Sri Lanka’s central bank data showed the South Asian country received $437.5 million in remittances in January and $407.4 million in February.
The official figures for 2021 and 2022 totaled $5.49 billion and $3.8 billion, respectively.
Remittances from migrant workers are one of the main sources of foreign income for Sri Lanka.