Workers’ remittances up 57% to $ 6 b in 2023

Workers remittances inflow in 2023 had increased by 57.5% to $ 6 billion, the latest Central Bank data revealed. 

The achievement of $ 6 billion was possible with December 2023 bringing in $ 570 million as against $ 475.6 million a year ago.

In 2022, full year workers’ remittances were $ 3.78 billion, down by 31% from $ 5.5 billion in 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.