August workers’ remittances hit three-and-half-year high of $ 578 m

Workers’ remittances in August rose to an over three-year high of $ 578 million boosting the year to date figure to $ 4.28 billion, up 11% from the corresponding period of last year.

The previous highest was $ 612 million in March 2021.

Workers’ remittances inflow in 2023 rose by 57.5% to $ 6 billion from 2022’s figure of $ 3.78 billion, the lowest in 12 years. In 2021, the remittances figure was $ 5.5 billion.

The highest ever workers’ remittances were in 2016 at $ 7.24 billion whilst between 2014 and 2018, the annual average was $ 7 billion, suggesting a monthly inflow of around $ 600 million.