Sri Lanka worker remittances jump 33-pct to US$729mn in February 2026

Sri Lanka’s official remittances rose 33 percent to US$729 million in February 2026 with the rising trend continued from 2024, central bank data showed.

The February inflows from the foreign workers come after the island nation saw a record monthly remittance in December last year, which also witnessed the historical annual high worker remittances of US$ 8,076.2 million.

The inflows from Sri Lankan workers abroad rose 32 percent to US$1,480.1 million in the first two months of this year compared to the same period last year.

Higher worker remittances come after a higher number of the island nation’s labour force left the country searching for foreign jobs amid Sri Lanka’s recovery from an unprecedented 2022 economic crisis, official data showed.

Worker remittances are the top foreign exchange revenue earners for the island nation which is still recovering from an unprecedented economic crisis hit in 2022.

The remittances have risen continuously after the central bank gave up a parallel exchange rate regime, which compelled most expatriates to switch informal Undiyal and Hawala money transfer methods slot88.

The island nation has been in the process of sending more migrant workers focusing on professionals to bring in higher foreign exchange since the country declared bankruptcy in 2022.

Worker remittances coming through official channels fell sharply in 2021 after many expatriates switched to informal money transferring channels as they were given higher rates than formal banking channels.

The move came after the Central Bank printed to sterilize interventions and keep a policy rate down, triggering parallel exchange rates, which were settled outside the formal banking system slot maxwin.

From April 2022, the interest rates were raised by unprecedented levels, slowing credit and the need to print money to keep rates down. Later, the Central Bank started its dovish monetary policy.

source: Economy Next