Workers’ remittances up 17.5% in January

Workers’ remittances inflow in January increased by 17.5% year-on-year to $ 573 million, the latest Central Bank data revealed. 

However, January experienced a slight decrease of 7.12% when compared month-to-month.

In 2024, full year workers’ remittances were $ 6.57 billion, up by 10.1% from $ 5.69 billion in 2023.

Worker remittances hit the highest in four years in 2024, after a record number of people left the country searching for foreign jobs following an unprecedented economic crisis.

In 2023, workers’ remittances grew by 57% to $ 6 billion. This was after inflows in 2022 fell by 31% to $ 3.78 billion – 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.