Migrant workers’ remittances record sharp increase in May

Sri Lanka’s workers’ remittances in the month of May 2023 was recorded at USD 479.7 million, according to the latest figures from the Central Bank of Sri Lanka (CBSL). 

Accordingly, the cumulative figure for the first five months of the year (Jan – May 2023) is USD 2,346.9 million, which is an increase of 75.7 percent from corresponding period of the previous year. 

Workers’ remittances have been a key pillar of Sri Lanka’s foreign currency earnings providing a substantial cushion against the widening trade deficit and thereby enhancing the external sector resilience of the country.