With its greatest financial crisis in years looming, Sri Lanka said on Wednesday that it will pay foreign workers an additional 20 rupees for every dollar brought home. The move comes only months before the country celebrates its new year.
In anticipation of Sri Lanka’s New Year celebrations, which will take place on April 13-14, migrant workers often send extra money home in March and early April.
As of Monday, Sri Lanka’s central bank has set an upper beam of 230 rupees for the rupee, up from the previous range of 200-203 rupees, which had been in place since October. So, the rupee devalued by up to 15%.
The IT and banking sectors drive down Sri Lankan equities for the third day in a row.
In 2021, remittances to Sri Lanka fell to $5.4 billion, the lowest level in ten years. At the end of January, the country’s reserves were at $2.36 billion.
Works at The Truth International Magazine. My area of interest includes international relations, peace & conflict studies, qualitative & quantitative research in social sciences, and world politics. Reach@ aimen.bukhari@tti.org.pk
