Sri Lanka’s largest foreign -exchange earner, Worker Remittances, declined 22.7 per cent during 2021, as migrant workers more than halved their sendings home for the fourth consecutive month, in December, due to the current situation.
According to data, released by the Central Bank of Sri Lanka, during 2021 migrant workers sent home US$ 5.49 billion, down 22.7 per cent compared to US$ 7.1 billion sent home during 2020.
Worker Remittances, which showed promise until May last year, declined for the seventh consecutive month in December last year.
In December last year, migrant workers only sent home US$ 325.2 million, down 60 per cent compared to US$ 812.7 million sent home during the corresponding month of 2020.
In November 2021, migrant workers only sent home US$ 271.4 million, down 55.6 per cent compared to US$ 611.7 million sent home during the corresponding month of 2020.
In October last year, migrant workers only sent home US$ 317.4 million, down 49.6 per cent compared to US$ 630.7 million sent home during the corresponding month of 2020.
In September last year, migrant workers only sent home US$ 353.2 million, down 49.2 per cent compared to US$ 702.7 million sent during the corresponding month of 2020.
In August last year, migrant workers sent home US$ 446.6 million, down 32.8 per cent compared to US$ 664.5 million sent the previous year.
In July last year, migrant workers sent home US$ 453.3million, down 35.4 per cent compared to US$ 702.1million sent a year ago.
In June last year, migrant workers sent home US$ 478.4 million, down 16.4 per cent compared to US$ 572.5 million the previous year.
In May last year, migrant workers sent home US$ 460 million, up 6.7 percent compared to US$ 431 million the year before.
In April last year, migrant workers sent home US$ 518 million, up 38.1 per cent compared to 375 million a year earlier.
In March last year, migrant workers sent home US$ 612 million, up 24.4 per cent compared to US$ 492 million sent a year ago.
In February last year, migrant workers sent home US$ 579.7 million, up 10 per cent compared to US$ 527.3 million sent a year ago.
In January last year, migrant workers sent home US$ 675.3 million, up 16 per cent compared to US$ 581 million sent a year ago.
Worker remittances have been Sri Lanka’s largest foreign exchange earner and the country’s balance of payment has been highly dependent on the income generated by migrant workers.
Last year, many Sri Lankans working overseas returned to the country following the Covid-19 pandemic, which shattered the global economy.
The foreign employment sector is one of the largest employment providers to address national unemployment and poverty issues prevailing in the country.
However, Sri Lanka has been witnessing a declining trend in the number of departures for foreign employment over the last few years.