ECONOMYNEXT – Sri Lanka’s official remittances rose 25.2 p.c to 695.7 million {dollars} in September 2025, whereas the full within the first 9 months reached 5.81 billion {dollars} rising 20 p.c from a 12 months in the past, central financial institution knowledge confirmed, with extra individuals leaving to work overseas.
The employee remittances hit a six-year excessive in 2024 after a file quantity from the island nation’s labour power left the nation looking for international jobs amid Sri Lanka’s restoration from an unprecedented financial disaster, official knowledge confirmed.
In 2024 full 12 months remittances rose 10.1 p.c to six.57 billion {dollars}, from practically 6 billion within the earlier 12 months, the Central Financial institution knowledge confirmed.
Employee remittances are one of many prime international alternate income earners for the island nation which remains to be recovering from an unprecedented financial disaster hit in 2022.
The remittances have risen constantly after the central financial institution gave up a parallel alternate fee regime, which compelled most expatriates to modify casual Undiyal and Hawala cash switch strategies.
The island nation has been within the technique of sending extra migrant staff specializing in professionals to herald larger international alternate because the nation declared chapter in 2022.
The Sri Lanka Bureau of International Employment (SLBFE) reviews that 212,302 Sri Lankans left for abroad jobs between January and August 2025.
A complete of 212,302 Sri Lankans have gone overseas for employment throughout the first eight months of 2025, the official knowledge from Sri Lanka Bureau of International Employment (SLBFE) confirmed.
Employee remittances coming by means of official channels fell sharply in 2021 after many expatriates switched to casual cash transferring channels as they got larger charges than formal banking channels.
The transfer got here after the Central Financial institution printed to sterilize interventions and hold a coverage fee down, triggering parallel alternate charges, which have been settled outdoors the formal banking system.
From April 2022, the rates of interest have been raised by unprecedented ranges, slowing credit score and the necessity to print cash to maintain charges down. Later, the Central Financial institution began its dovish financial coverage. (Colombo/October 10/2025)
