Jamaica: Remittances exceed US$1 billion in 4 months – CARICOM BUSINESS

For the first 4 months of 2021, remittance inflows into Jamaica exceeded the US$1-billion mark. Net remittance inflows of US$1012.7 million increased by 52.6% or US$349.1 million relative to the previous corresponding period.

This improvement resulted from an increase of 46.2% or S$345.7 million in total remittance inflows aided by a decline of 4.1% or US$3.5 million in total remittance outflows. For the month of April, the Bank of Jamaica (BOJ) reports that net remittance inflows of US$270.7 million increased by 69.5% or US$110.9 million in comparison to April of 2020. Remittances from the USA accounted for 72.3% of total flows.

That was, however, down from 77.9% recorded for April 2020. For the month April, the UK accounted for 10.7%, of total remittances followed by Canada at 9.3%. (BOJ) (JO)

Extract from CARICOM BUSINESS Vol 4 No 28

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Caricom Business July 17 2021_vol-4-no-28

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