October remittances at US$ 588mn provide strong fortification for economy
- 5opn1
- November 11, 2024
- Banking and Financial
- economy, October remittances
- 0 Comments
Worker remittances for October continued to come in stronger against both a month ago as well as a year ago period helping both the foreign currency reserves and the rupee to remain strong.
Sri Lankans working abroad sent back US$ 587.7 million in October, just ahead of the year end festive season which usually sees a further bump up in the monies that the country typically receives.
What the country received in October is compared with US$ 555.6 million in September 2024 and US$ 517.4 million received in the same month last year, reflecting the strength of the inflow.
The October receipts brought the total earnings received from remittances to US$ 5,431.5 million, up 11.7 percent from the same period last year, and also bringing the full year income at a striking distance from the once elusive US$ 7.0 billion.
The last time Sri Lanka was able to surpass the US$ 7.0 billion income mark from remittances was back in 2020 and then the inflow faltered, causing the economy to sputter by early 2022.
