Expatriate workers have significantly contributed to Sri Lanka’s economy, remitting a total of US$ 2.079 billion through the legal banking system in the first four months of this year. According to the Labour and Foreign Employment Ministry, April alone saw remittances amounting to US$ 543.8 million, marking a notable increase compared to the same period last year.
The data reveals a positive trend in remittances, with a noteworthy 11.4% increase in the first four months of this year compared to the corresponding period last year. This growth reflects expatriate workers’ continued support to their families and the country’s economy, despite global economic challenges.
In April specifically, the country experienced a substantial 19.7% increase in foreign remittances compared to April of the previous year. This surge in remittances is indicative of the resilience of Sri Lanka’s expatriate workforce and their crucial role in sustaining the country’s financial stability amidst external economic fluctuations.
The Labour and Foreign Employment Ministry’s report underscores the vital role played by expatriate workers in bolstering the nation’s economy, with their remittances serving as a significant source of foreign exchange inflows. As the year progresses, continued support from expatriates is anticipated to further strengthen Sri Lanka’s economic resilience and stability.