Sri Lanka foreign remittances to peak in 2017: CB Governor

June 02, 2014 (LBO) – Sri Lanka’s foreign remittances is expected to peak in 2017 with those seeking employment abroad beginning to decrease, Central Bank Governor Nivard Cabraal has said. “We believe that in time to come there will be a reverse migration that will take place in our country,” Cabraal was quoted in transcript as saying at an investor forum in London, organized by the Colombo Stock Exchange and Securities and Exchange Commission.

“Sri Lanka by 2017 would see a slight reduction in the remittances that would come in, particularly because we would see that reverse migration to take place.

“There will be new jobs that will be created in the country to ensure sufficient employment and scope for those returnees.

“We also hope that we will have more labour moving out of the country in the future, for a short period, but we hope this will be skilled rather than unskilled labour. It is an interesting challenge and we want to make sure that all these conflicting parts are managed.”

Chairman of Sri Lanka’s SEC Nalaka Godahewa, CSE Chairman Krishan Balendra, Chief Executive Rajeeva Bandaranaike, London Stock Exchange Chief Executive Alexander Justham and Gorden Fr