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Friday, February 23, 2024  
12 Shaban 1445  

Sri Lanka to pay 20 rupees per dollar incentive to boost remittances

Sri Lanka's remittances hit a 10-year low of $5.4 billion in 2021
Representational image. File photo
Representational image. File photo

NEW DELHI: Sri Lanka will pay an extra 20 rupees for every dollar sent by migrant workers ahead of its new year celebrations next month, the Finance Ministry said on Wednesday, as the country seeks to boost remittances to manage its worst financial crisis in years.

Sri Lanka celebrates new year on April 13-14, and migrant workers typically send more money in March and early April ahead of the festive season.

On Monday Sri Lanka's central bank devalued the rupee by up to 15%, setting an upper limit of 230 rupees compared to a limit of 200-203 that had prevailed since October.

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Sri Lanka's remittances hit a 10-year low of $5.4 billion in 2021. The country's reserves were at $2.36 billion at the end of January.

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