Remittances by Sri Lankan migrant workers which is one of the main sources of foreign currency exchange for Sri Lanka saw a further drop in November 2021.
The Central Bank of Sri Lanka (CBSL) reported that Sri Lanka saw a total of US$ 271.4 million in foreign remittances in November 2021.
This is a significant drop of 55.6% in remittances in comparison to the US$ 611.7 million that was recorded in November 2020.
Sri Lanka saw a 17.9% drop in foreign remittances after it reported a total of US$ 5,166.3 million in the first 11 months of 2021, in comparison to the US$ 6,291.2 reported during the same period in 2020.
In October 2021, Sri Lanka reported foreign remittances worth US$ 317.4 million, in comparison to the US$ 630.7 recorded in October 2020, which is a drop of 49.6%.
The Central Bank recently 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)