The Treasury must provide Rs. 240 for every US Dollar converted by Sri Lankan migrant workers for their salary remittances, Minister of Labour Nimal Siripala De Silva said.
He pointed out that this was the only solution for the foreign exchange crisis faced by the country.
The Minister further said if the high exchange rate was not offered then the migrant workers will resort to unofficials channels for remittances.
Minister De Silva said if the Government fails to address this issue then it will result in the failure of the policies and measures taken to address the economic crisis of Sri Lanka.
The Ministry has targetted to send another 300,000 Sri Lankans overseas for foreign employment.
Despite sending large numbers of Sri lankans overseas it did not result in improving the foreign exchange crisis as dollars had not been sent to the country, he said.
The Labour Minister said this was due to unofficial channels providing an exchange rate of Rs. 240 when the Government was only providing Rs. 202 for remittances.
He added that even if 600,000 Sri Lankans leave for overseas it will not improve the economy of the country due to this one reason.
Minister Nimal Siripala De Silva said he will propose at the next cabinet meeting for the exchange rate of a US Dollar to be increased to Rs. 240 in the future for salary remittances of migrant workers.
He made the observation during the event held to hand over the Rs. 2.5 million grant to the family members of Sri Lankan factory worker Priyantha Kumara Diyawadana who was killed by a mob in Sialkot Pakistan in December 2021. (NewsWire)
