Workers’ remittances up 14% to $ 963.7 m in first two months

Workers’ remittances inflow in the first two months has increased by 14.1% to $ 963.7 million, the latest Central Bank data revealed. 

February remittances inflow was recorded as $ 476.2 million. However, it experienced a slight decrease of 2.3% when compared month-to-month.

The cumulative achievement was possible with January 2023 bringing in $ 487.6 million as against $ 437.5 million a year ago.

In 2023, full year workers’ remittances were $ 6 billion, up by 57.5% from $ 3.78 billion in 2022, down by 31% from $ 5.5 billion 2021. The 2022 performance was the lowest in 12 years.

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.