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Self-made crisis of remittances | Daily FT

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Daily Financial Times

According to official Central Bank figures, workers’ remittances, a major source of foreign exchange in Sri Lanka, dropped to a 10-year low at $ 5.49 billion in 2021. In January this year, it fell to a 13-year low of $ 259 million which is even more concerning. As Sri Lanka is in the grips of an unprecedented financial crisis, the Government has bet on its recovery mainly on increased remittances from workers abroad, increase in exports with possible narrowing of the trade deficit and income generated through tourism. At least the first two of these three prongs depend on the foreign exchange …

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