The Finance Ministry yesterday announced an extra Rs. 20 per dollar remitted between now and the Sinhala-Tamil Avurudu season by migrant workers. 

The move comes after the Cabinet of Ministers on Monday decided to offer Rs. 8 extra for every dollar remitted following the devaluation of the currency to Rs. 230. Previously migrant workers remittances enjoyed an extra payment of Rs. 10 per every dollar sent via banking channels. 

The Central Bank data showed, workers’ remittances – a major source of foreign exchange in Sri Lanka, dropped to a 10-year low at $ 5.49 billion in 2021. In January this year, it fell to a 13-year low of $ 259 million which is even more concerning.

Confusion reigns over currency amidst free float move