Workers’ remittances peak to 14-month high in November

Workers’ remittances had peaked to a new high of $ 384 million in November but given losses earlier, the year-to-date figure remains down by 36%.

The November 2022 figure is the highest since August last year when $ 447 million was achieved. It also reflects a rebound in inflows whereas October saw a marginal dip in comparison to September.

Workers’ remittances in the first 11 months of 2022 were down by 36% to $ 3.3 billion. Thanks to a rebound in inflow, the year-on-year deficit in the first 11 months had been reduced in comparison to 51.6% in the first half of 2022 and 44% in the first nine months.

Labour and Foreign Employment Minister Manusha Nanayakkara recently revealed that a record 300,000 people had migrated for overseas jobs.

Central Bank of Sri Lanka citing data up to October said that total departures for foreign employment during January-October 2022 were recorded at 251,151 which has exceeded the annual departures in pre-pandemic period.

In October, departures for foreign employment were recorded at 28,473 with unskilled being (11,399), skilled (7,887) and domestic aid (6,165).