By Sri Lankan migrant workers’ remittances reached a record US$537.3 million in November, marking the second consecutive month of inflows exceeding US$500 million. This surge is attributed to the depreciation of the currency, a crackdown on unofficial money exchanging channels, and the anticipation of IMF’s second tranche of funds.
Minister for Foreign Employment, Manusha Nanayakkara, expressed his commitment to formulating new policies to support migrant workers. The government is focused on investment, innovation, and inclusion to harness the potential of the overseas workforce.
Traditionally, March and December are the peak remittance months, but the recent surge is expected to continue due to the economic crisis and the potential IMF inflow. Remittances are a crucial source of foreign exchange for Sri Lanka, with the potential to contribute US$7 billion in a normal year.
