Bilesha Weeraratne

Black, White and Grey Markets: The Dynamics of Foreign Exchange and Remittances in Sri Lanka

Despite the pandemic and related difficulties in remitting, inward remittances to Sri Lanka had picked up by December 2020 to record year-over-year growth of 5.8 %, contrary to all expectations. The reasons for such a quick rebound include catching up on postponed remittances, accumulated terminal employment benefits and savings-related remittances of migrant workers laid off due to the pandemic, receipt of counter-cyclical remittances from less frequent remitters and the shift from informal to formal channels. In the current context of the foreign exchange crisis in Sri Lanka, the latter is the most critical factor to focus on.

COVID-19 and Migrant Workers: The Economics of Repatriation

Sri Lanka’s migrant workers are an integral part of our economy, with their remittances traditionally accounting for the second largest share of the country’s foreign exchange earnings (8% of GDP in 2019) after merchandise exports. After the COVID-19 outbreak and resultant difficulties, a sizeable proportion of migrants looked forward to a safe return home. This blog, written to mark International Migrants Day, examines the experience and challenges in the repatriation process and offers suggestions on the way forward.

Repatriation and Replacement of Lost Foreign Jobs: Handling Labour Migration in Sri Lanka during COVID-19

Sri Lanka, which has been sending workers abroad for employment for decades, is now faced with the formidable challenge of repatriating large numbers of migrant workers affected by COVID-19. This exercise calls for a continued coordination with the returnees, beyond the period of travel and quarantine. This blog dissects the nuances of labour migration, lost foreign employment opportunities, and repatriation brought about by the spread of COVID-19 and provides policy recommendations to successfully re-enter foreign labour markets.

COVID-19 and Foreign Exchange Woes: Can Sri Lanka Find a Way Out?

Growing pressure on Sri Lanka’s scarce foreign exchange resources, due to the wide spread of COVID-19 across the globe, is now more real than ever before. To ease this pressure, the Central Bank of Sri Lanka (CBSL) has taken many measures to attract as well as retain more foreign exchange in Sri Lanka. Yet, it is uncertain if these efforts alone would be able to address Sri Lanka’s deepening foreign exchange concerns. This blog highlights the importance of remittances to Sri Lanka and outlines how to harness the potential of international remittances to complement other efforts already taken by the CBSL.

Parking Fees in Colombo: To Pay or Not to Pay?

On-street parking is common in urban Colombo. Last year, the Colombo Municipal Council (CMC) introduced parking meters in central Colombo; in addition to the parking fee, drivers are now slapped with late fees and fines for non-payment. While there have been many criticisms and complaints about the parking fee system, this blog examines the choice set and the rationalisation of a driver’s decision to pay an ex-ante parking fee versus an ex-post parking fine.

1 2 3 5