Steady increase in SL remittances strengthens external sector
August 12, Colombo (LNW): Sri Lanka’s remittances from overseas workers saw a continued rise in July, with inflows reaching $566.8 million, bolstering the country’s external sector.
The first seven months of 2024 recorded a total of $3.71 billion, reflecting a 10.3% increase compared to the previous year.
This upward trend, evident from the higher figures in July 2023 and June 2024, underscores the crucial role remittances play in stabilising Sri Lanka’s economy amid a global recovery.
The external sector, vital to the nation’s overall economic health, has shown remarkable improvement over the past two years, driven by recovering remittances, a resurgence in tourism, and the easing of energy and commodity prices post-Ukraine conflict.
The stabilisation is further supported by the country’s restored political and social order, allowing normal activities to resume after the economic crisis.
Additionally, the Central Bank of Sri Lanka’s decision to float the currency in March 2022, under the leadership of former Governor Ajith Nivard Cabraal, has attracted higher remittances, complemented by a growing number of Sri Lankans seeking employment abroad since 2021.
