Sri Lankans working abroad sent back US$ 555.6 million in September 2024, marking a 15.2% increase from the same month last year, according to recent data. This brings the total remittances for the first nine months of the year to US$ 4.84 billion, an 11.5% rise compared to 2023.
While September’s figures show a slight decline from August’s US$ 577.5 million, experts suggest this is typical month-to-month volatility. As the country enters its festive season, higher remittance inflows are expected.
Historically, Sri Lanka has relied on around US$ 7 billion in annual remittances. Despite a recent political shift following the presidential election on September 21, many Sri Lankans continue to seek opportunities abroad due to ongoing economic challenges, including hyperinflation and job shortages.
The recent uptick in remittances reflects growing confidence among expatriates, supported by a new government promising anti-corruption measures.
