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Manusha Urges Migrant Workers to Remit Money Through Formal Banking ...
He said overseas Sri Lankans had supported the country during the economic crisis by sending foreign currency through official channels and that those inflows contributed to economic stabilisation. Former Foreign Employment Minister Manusha Nanayakkara has urged Sri Lankans working overseas to remit money through formal banking channels to support foreign currency inflows and strengthen the economy. In a statement, Nanayakkara called on migrant workers to avoid informal money transfer systems, including “Undiyal”, and instead use licensed financial institutions for remittances. Nanayakkara’s appeal comes amid pressure on foreign exchange reserves, concerns over dollar liquidity and a depreciation of the rupee against the US dollar. He warned that the use of unofficial remittance channels could reduce foreign currency inflows and affect the availability of essential imports, including fuel, medicine and milk powder. Nanayakkara also called on overseas workers to help increase foreign reserves by directing earnings through the formal banking system. Visited 1 times, 1 visit(s) today Foreign Workers' Remittances Last modified: May 25, 2026
Former Minister urges overseas Sri Lankans to send remittances through ...
Former Foreign Employment Minister Manusha Nanayakkara has appealed to Sri Lankans working abroad to send money to Sri Lanka through legal banking channels to help support the country’s economy. His appeal comes as Sri Lanka faces renewed pressure on foreign currency reserves, with concerns over a growing dollar shortage and the Sri Lankan rupee falling to its lowest levels against the US Dollar since the 2023 economic recovery period. In a statement, Nanayakkara said overseas Sri Lankans had previously helped the country during the economic crisis by sending foreign currency through official channels. He said those contributions played a role in stabilizing the economy during a period of severe financial hardship. Nanayakkara said political differences should be set aside as the country faces another difficult economic period. He urged migrant workers not to use informal money transfer systems such as “Undiyal,” despite the higher exchange rates sometimes offered through those channels. He said using unofficial remittance methods could worsen shortages of essential goods and services, including milk powder, fuel and medicine. “Political ideology can be debated ideologically. But if the economy collapses, ideology alone cannot solve it,” he said. Nanayakkara also called on overseas workers to help increase Sri Lanka’s foreign reserves by remitting earnings through the formal banking system. (Newswire) 2026-05-22
Ex-Minister Urges Sri Lankans Abroad: Use Banks for Remittan
Former Foreign Employment Minister Manusha Nanayakkara has made a compelling appeal to Sri Lankan expatriate workers, urging them to channel their remittances through official banking systems rather than informal money transfer networks. This call comes at a crucial time when Sri Lanka's economy heavily depends on foreign currency inflows from its diaspora workforce. The Critical Role of Remittances in Sri Lanka's Economy Sri Lanka's economy has long relied on worker remittances as a vital source of foreign exchange earnings. These funds, sent home by millions of Sri Lankans working in the Middle East, Europe, North America, and other regions, constitute one of the country's largest sources of foreign currency. The money supports families, funds education, healthcare, and contributes significantly to the nation's overall economic stability. However, a significant portion of these remittances flows through unofficial channels, including informal money transfer operators, hawala systems, and other non-banking methods. While these alternatives may offer convenience or seemingly better exchange rates, they deprive the formal economy of crucial foreign currency reserves that could help stabilize the national currency and support economic recovery efforts. Benefits of Using Official Banking Channels Nanayakkara's appeal emphasizes several key advantages of using legitimate banking channels for money transfers. First, official banking systems provide greater security and legal protection for both senders and recipients. Transactions are properly documented, regulated, and insured against potential losses, offering peace of mind that informal systems cannot guarantee. Additionally, when remittances flow through banks, they contribute to the country's official foreign exchange reserves. This influx helps strengthen the Sri Lankan rupee, reduces pressure on the balance of payments, and provides the Central Bank with more resources to manage monetary policy effectively. The formal banking system also ensures that these transactions are properly recorded in national economic statistics, providing policymakers with accurate data for economic planning. From a recipient's perspective, bank transfers offer better traceability and can help establish financial histories that may be beneficial for future credit applications or other banking services. Many banks also offer competitive exchange rates and have expanded their international transfer partnerships to reduce ...
Workers' Remittances - Central Bank of Sri Lanka
The "Lanka Remit" National Remittance Mobile Application provides Sri Lankans working abroad direct access to the existing remittance channels, as well as facilitates their ability to choose more convenient and remit their foreign earnings to Sri Lanka with the cost-effective remittance channels.
