By Sri Lanka’s remittance growth through official channels slowed down to 11.4% in January 2024, the lowest in 16 months.
This slowdown comes after a period of strong growth exceeding 80% earlier in 2023, following the central bank’s improved exchange rate policy.
Despite the slowdown, remittances still reached $487.6 million in January 2024, compared to $437.5 million a year earlier.
This decline is attributed to reduced need for parallel exchange markets after the central bank stabilized the external sector and stopped printing money.
Worker remittances are Sri Lanka’s top foreign exchange earner, and their stability is crucial for the country’s economic recovery.
