Sri Lanka worker remittances up 5.3-pct in March 2018

ECONOMYNEXT – Sri Lanka’s worker remittances grew 5.3 percent to 677.7 million US dollars in March 2018 from a year earlier, official data showed.

In the first quarter remittances rose 3.5 percent to 1,978.6 million US dollars.

South Asian nations including Pakistan experienced sharper downturns with lower oil prices reducing construction and other economic activities in the Middle East.

Sri Lanka’s rupee however collapsed in 2015 and 2016 due to money printing and continued to fall in 2017 under a real effective exchange rate policy, encouraging people to seek jobs abroad as real wages fell, despite domestic labour market tightening. (Colombo/May19/2018)
 

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