February workers’ remittances double from last year but suffers second MoM dip

Workers’ remittances in February had doubled to $ 407.4 million from a year ago but have suffered a second consecutive Month-on-Month dip.

After peaking to $ 476 million in December last year, workers’ remittances have declined to $ 438 million in January this year and $ 407 million in February. In February last year, workers’ remittances amounted to $ 205 million.

In the first two months of this year, workers’ remittances amounted to $ 845 million, up 82% from $ 464 million in the corresponding period of 2022.

Workers’ remittances in 2022 declined by 31% to $ 3.8 billion from 2021, though a notable recovery was witnessed during the latter part of 2022.

Total departures for foreign employment in 2022 were recorded at 300,000 contributed mainly by the unskilled (101,786), skilled (88,215) and domestic aid (73,781) categories.

In January this year, total departures were 24,236 comprising unskilled (7,556), skilled (7,283) and domestic aid (6,120) categories.