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Despite global economic downturn:

Remittances from Sri Lankan expats up

Despite the global economic downturn which affected the foreign exchange earnings of many countries, Sri Lanka's foreign remittances from expatriate Sri Lankans working in many parts of the world recorded an increase of five percent compared to 2008, a senior official of the Central Bank of Sri Lanka told Daily News Business.


Migrant workers

He said, "Foreign remittances during the first half of 2009 were US$ 1.6 billion while remittances during the corresponding period in 2008 were US$ 1.5 billion, a five percent growth over last year."

"However, during the first quarter of 2009 the remittances showed a slight decrease - US$ 774 million by Sri Lankan expatriates, compared to US$ 787 million during the corresponding period in 2008," he said.

At a glance

*Foreign remittances hit $1.6b in 1H 2009
* Sixty percent remittances from Middle East
*Over 117,011 workers take up foreign jobs

"These remittances were mainly from Sri Lankans working in Middle East countries which accounts for 60 percent of the total remittances, while 20 percent was remitted by Sri Lankan expatriates in Europe. The remaining remittances were from North America, South East Asia and the Far East. Remittances were also sent by Sri Lankan expatriates in other countries, but this was only a minor percentage among foreign remittances," he said.

"However, on an average foreign remittances from expatriate Sri Lankans showed a 20 percent annual increase despite various obstacles during the past years," he said.

"The global recession during the previous year had an impact on many economies including industrialized countries and the small decrease in percentage recorded in the first quarter of 2009 could be attributed to the global economic downturn," he said.

Sri Lanka Bureau of Foreign Employment, Manager Foreign Relations and Marketing, Senerath Yapa said, "Over 117,011 workers had left for employment abroad during the first six months of 2009."

"Most of the job seekers had gone to work in Middle East countries, which is still the traditional market that dominates foreign employment while there was a small percentage of people who had taken up employment in Japan," he said.

"More unskilled workers such as domestic aides still go for employment in the Middle East. There was also a slight increase in the number of skilled workers seeking foreign jobs," Yapa said.

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