The Central Bank of Sri Lanka has reported a decrease in remittance receipts from foreign workers in November 2024, with the figure dropping to USD 530 million compared to USD 588 million in October. This represents a decline of USD 58 million within a single month.
When compared to November 2023, which saw remittance receipts of USD 537 million, the most recent data shows a slight year-on-year decline of USD 7 million.
Despite this drop in November, remittance inflows from foreign workers have been relatively strong throughout 2024, consistently surpassing the USD 500 million mark each month since March.
For the first 11 months of 2024, remittance receipts totaled USD 5.962 billion, marking a 10.4% increase compared to the same period in 2023, which recorded receipts of USD 5.4 billion. This growth highlights the overall resilience of remittance inflows during the year, despite fluctuations in specific months.
The decline in November underscores the ongoing challenges in sustaining consistent growth in remittances, which remain a vital source of foreign exchange for Sri Lanka’s economy.
