Remittances by Sri Lankan migrant workers which is one of the main sources of foreign currency exchange for Sri Lanka has not shown a major improvement in December 2021.
The Central Bank of Sri Lanka (CBSL) reported that Sri Lanka saw a total of US$ 325.2 million in foreign remittances in December 2021.
US$ 271.4 million in foreign remittances were reported in November 2021.
US$ 325.2 million foreign remittances reported in December is a significant drop of 60% in remittances in comparison to the US$ 812.7 million that was recorded in December 2020.
Sri Lanka saw a 22.7% drop in foreign remittances after it reported a total of US$ 5,491 million in 2021, in comparison to the US$ 7,193.9 reported in 2020.
The Central Bank had urged Sri Lankan migrant workers to use formal channels for remittances, adding that the use of informal methods knowingly or unknowingly will be considered as engaging in illegal activities. (NewsWire)
