Worker Remittances

Tipping the Balance: Are Worker Remittances to Sri Lanka Really as Large as We Think?

In 2017, foreign exchange earnings from worker remittances to Sri Lanka stood at USD 7.2 billion, well ahead of other major foreign exchange earners, while they also covered 96% of the trade deficit. Despite a few fluctuations, worker remittances to Sri Lanka have been growing over the years. At the same time, many developments in ICT and FinTech have emerged to facilitate remittance transaction. Nevertheless, whilst simplifying and making remitting more efficient, these developments have made remittances even more complicated.