Sri Lanka Sees Significant Rise in Workers' Remittances in May 2024


Sri Lanka recorded a workers' remittance of $544.4 million in May 2024, reflecting a notable 13.5% increase compared to May 2023, according to the Central Bank of Sri Lanka. Minister of Foreign Employment Manusha Nanayakkara highlighted the growth on social media platform X.

The first five months of 2024 saw total remittances reach $2,624.4 million, up 11.8% from the same period last year. January 2024 recorded $488 million in remittances, up from $437 million in January 2023. February 2024 saw a 16% increase to $476.2 million, and March 2024 saw remittances climb to $572.4 million. In April 2024, remittances reached $543.8 million, marking a 19.7% increase from the previous year.

The Central Bank attributes this steady growth to more expatriates using official banking channels for their transfers.