Workers’ remittances up 10% to $ 3.7 b in first seven months of 2024

In a significant boost to the economy, workers’ remittances inch closer to the $ 4 billion mark within the first seven months of 2024, as per the latest data released by the Central Bank. 

The cumulative remittance inflows from January to July 2024 stand at an impressive $ 3.71 billion. This represents a 10.3% increase compared to the same period last year, highlighting the resilience and continued financial support provided by overseas workers.

In July, remittances amounted to $ 566.8 million, reflecting a steady increase from $ 519.6 million in June 2024. 

This figure also marks a Year-on-Year (YoY) improvement, surpassing the $ 540.965 million received in July 2023.

The upward trend in remittances is a welcome development for the economy, providing essential foreign currency inflows that help ease pressure on the exchange rate and support national reserves.