MONETABRIEF – Countries without policy rates where macro-economists cannot debase money and de-stabilize economies with high inflation targets are among top generating countries for worker remittances, to Sri Lanka in 2026, official data show.
There was 303 million dollars of inflows from the UK in the second quarter of 2026, but the central bank said the funds were mainly remittances diverted from third countries.
Sri Lanka received 234.9 million dollars from the UAE, followed by 204.8 million from Kuwait, both of which have currency - board like arrangements giving monetary stability and imports labour.
Large numbers of SriLankans leave each year to work in stable Middle Eastern countries with currency board like arrangements and no policy rates.
In countries like Qatar, UAE, Oman the monetary authority is led by members of the ruling family who want stability, rather than inflation biased macro-economists.
Sri Lanka's central bank last week lobbied public and got the powers to generate as much inflation as 7 percent a year and escape accountability through a law which was mostly written by the agency itself.
The central bank got the powers shortly after busting the currency from 300 to 330 levels by cutting rates and amplifying the effects of a Middle East war.
In Sri Lanka however the central bank is 'independent' and can debase the money and escape accountability.
Though central bankers have long blamed budget deficits after printing money to cut rates and triggering external crises, in 2026 the currency collapse was engineered amid budget surplus.
Sri Lanka got 194 million dollars from Italy a country to which many Sri Lankans travel illegally and later get amnesties.
Saudi Arabia also remitted 174.1 million dollars.
Sri Lanka was also an outward remitting country that imported labour before rate cuts and macro-economic policy was made possible with a central bank in 1950.
The first external crises started from February 1952. (Colombo/Oct05/2026)