Workers remittances hit two year high in March

Monday, 10 April 2023 03:26 - - {{hitsCtrl.values.hits}}

Workers remittances hit a two year high of $ 568 million in March according to latest data released by the Central Bank.

The previous highest was $ 580 million achieved in February 2021 whilst March 2023 overtook the past two year's second best figure of $ 519 million achieved in April 2021. The highest in the past two year period was $ 675 million in January 2021.

Last year March workers remittances amounted to $ 318 million, lowest in a decade.

Usually ahead of the Sinhala-Tamil New Year, March inflows prior to last year have been high averaging $ 600 million.

The March windfall boosted workers remittances in the first quarter of this year to $ 1.4 billion, up by 80% from the corresponding period of last year.

Workers remittances fell to a new low of $ 3.8 billion last year and from $ 5.5 billion in 2021 and a record $7.2 billion in 2016.