Sri Lanka’s remittances surged by 10.3% to $566.8 million in July 2024, marking a significant rise from the previous year, thanks to increased use of official banking channels by expatriates.
State Minister of Finance Shehan Semasinghe announced on X (Twitter) that the total remittances for the first seven months of the year have reached $3.71 billion. This increase underscores the critical role of the expatriate community in bolstering the country’s economy.
Remittances are a major source of foreign exchange for Sri Lanka, which is still navigating the impacts of a severe economic crisis. Semasinghe also expressed gratitude to former Minister Manusha Nanayakkara for his efforts in enhancing the welfare of overseas workers, contributing to the upward trend.
The rise in remittances follows the central bank’s decision to abandon a parallel exchange rate system, encouraging expatriates to shift from informal money transfer methods like Undiyal and Hawala to official channels.