Sri Lanka’s foreign labor remittances experienced a slight dip in September 2024, amounting to $556.6 million, down from $577.5 million in August. Despite this month-on-month decrease, there has been a year-on-year improvement compared to the $482 million recorded in September 2023. This indicates some growth in foreign remittances, a crucial source of foreign exchange for the country.
The fluctuations in remittance figures reflect various factors, such as global economic conditions, labor migration trends, and foreign exchange policies. While the recent decline suggests some volatility, the overall upward trend from the previous year points to a recovery in remittances, which are vital for supporting Sri Lanka’s economy and helping to address the foreign currency shortage.
