The country received US$ 566.8 million in foreign currency from migrant workers last month, bringing the total for the first seven months of 2024 to US$ 3.71 billion. This marks a 10.3 percent increase compared to the same period a year earlier.

The remittance inflows in July were notably higher than the US$ 541.0 million recorded in July 2023 and the US$ 519.6 million received in June 2024. This growth reflects a broader trend of increasing remittances that has been crucial in strengthening Sri Lanka’s external sector amid global economic recovery.

Sri Lanka’s external sector, which plays a critical role in the overall economy, has shown significant improvement over the past two years. This progress is largely due to the gradual recovery of remittance inflows and a rebound in tourism, as global economies stabilise following the disruptions caused by the Covid pandemic.