According to the Bureau of Foreign Employment, there was a notable 11% increase in foreign remittances to Sri Lanka in August compared to the same month the previous year. Last month, the nation earned USD 577.5 million from foreign employees via the official banking system.
Foreign remittances have pumped USD 12.4 billion into Sri Lanka since President Ranil Wickremesinghe took office. Of this, foreign employees have contributed USD 4.288 billion thus far this year.
The President personally asked expats to pay at least USD 500 million through official channels each month in order to help address crucial shortages like those of milk powder, gas, and oil as well as to ensure the import of necessities. This led to a rise in remittances.
The success of these measures has been demonstrated by the fact that monthly remittances have been above USD 500 million for seven months running since March of last year.
Additionally, the Ministry of Labor and Foreign Employment has implemented a number of incentives to promote remittances via authorized channels. These steps include providing low-interest multipurpose loans, permission for the import of electric vehicles, and home loan programs for employees who transfer money back to Sri Lanka via the formal banking system.