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Sri Lanka official remittances up 46-pct in October on improved exchange rate policies

In October 2023, Sri Lanka's official remittances surged to $517.4 million, a 46% increase from a year prior, attributed to improved exchange rates and expatriates sending more earnings. Despite this rise, official remittances have decreased consistently for four months. Stabilization began in September 2022 when the central bank halted money printing, leading to balance of payments surpluses. Remittances via official channels had dropped in 2021 due to money printing and parallel exchange rates. However, in 2022, rates were hiked significantly, curbing credit and the need for money printing. Overall, in the first 10 months of 2023, Sri Lanka received $4,862.5 million through official channels, a 66% increase from the same period in 2022.

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