Workers’ remittances in first two months soar to $ 1.2 b

Monday, 10 March 2025 05:34 - - {{hitsCtrl.values.hits}}

February inflows up 15.1% to $ 548.1 m, but down 4.5% month-on-month

Workers’ remittances inflow during the first two months increased by 16.3% year-on-year (YoY) to $ 1.12 billion, marking the highest cumulative in the period since 2021, the latest Central Bank data revealed.

The workers’ remittances in February also increased by 15.1% YoY to $ 548.1 million. However, February experienced a slight decrease of 4.54% when compared to $ 573 million in January 2025.

Despite the month-on-month decline, the overall trend remains positive, building on last year’s momentum.

In 2024, workers’ remittances hit a four-year high of $ 6.57 billion, up by 10.1% from $ 5.69 billion in 2023. The surge followed a record wave of people seeking foreign employment after an unprecedented economic crisis.

The sharpest post-crisis recovery was in 2023, when workers’ remittances grew by 57% to $ 6 billion, rebounding from a 12-year low of $ 3.78 billion in 2022.

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.

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