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Tuesday May 18th, 2021
Economy

Sri Lanka foreign remittances up 18-pct in November

ECONOMYNEXT – Sri Lanka’s foreign remittances grew 18 percent from a year earlier to 611.7 million US dollars in November 2020, amid a global Coronavirus crisis, though the totals are coming off highs in the second quarter, official data showed.

Sri Lanka’s remittances plunged 32 percent in April 2020, amid a domestic and global lockdown but then recovered steeply growing 42 percent in August 2020 as family members sent extra money they could not send in the earlier month.

Remittances have generally been higher than 2019 since then.

Expatriate workers in the Middle East say they have more savings as domestic social distancing and Coronavirus restrictions have limited travel, leisure activities and they are saving more conscious of uncertain conditions ahead.

After peaking at 702 dollars in September, monthly remittances have since slowed to 630 dollars in October and 611 dollars in November.

Sri Lanka’s foreign remittances which had been stagnant or falling started to pick up from late 2019 and grew 6 percent in January when the Coronavirus pandemic hit.

Many Sri Lankan workers have lost jobs and are trying to return home. There have been some workers travelling out especially to countries like Korea. (Colombo/Dec30/2020)

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